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View all search resultsBank Mandiri forms subsidiary to invest in startups
Market access: A proud employee shows off marketing website Ukmmarket
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span class="inline inline-center">Market access: A proud employee shows off marketing website Ukmmarket.co.id launched by Indonesia's Chamber of Commerce (Kadin) on Nov. 11. 2015. The Ukmmarket.co.id e-commerce service offers a range of products from local small to medium enterprises. (Antara/Sigid Kurniawan)
State-owned lender Bank Mandiri has officially launched a new subsidiary, Mandiri Capital Indonesia, which will focus on venture capital, which is aimed at supporting startup companies.
Mandiri Capital will inject equity investment in startup companies, which banks normally consider high risk, said Bank Mandiri director of treasury and markets Edi Sunaryo. Bank Mandiri owns 99 percent of the company while Mandiri Sekuritas owns the remainder.
"What we want to do is not only invest capital but also be the startups' incubator," said Edi at Mandiri Capital launch during the Mandiri Investment Forum 2016 in Jakarta on Wednesday.
He further explained that in the near future Mandiri Capital would support at least three startups. It will also provide assistance for the startups on how to manage their businesses while helping expand market access.
"We prefer to invest and develop startups that already have a clear business plan," Edi said. (ags)(+)
