Support Startup At Asia Tech Conference, Danamon Provides IDR 1.5 Trillion Investment Fund

Partnership & Innovation Head of Bank Danamon Indonesia Hendry Sunaryo and Global Alliance Strategy Director of Bank Danamon Indonesia Jin Yoshida (photo: Rana/VOI)

JAKARTA Danamon together with MUFG, its parent company, and members of its company groups, such as Adira Finance, Zurich Insurance, and Home Credit, showed its commitment to supporting startups at the Tech in Asia Conference 2024 event.

Danamon explained that they are aware of the importance of startup roles in driving the digital economy. Indonesia is the country with the largest number of startups in ASEAN and occupies the sixth position in the world with more than 2,562 startups as of the beginning of this year.

Therefore, it is important for Danamon to support the development of the startup ecosystem in Indonesia. As a bank with local and global reach, Danamon will provide innovative financial solutions through the Garuda Fund MUIP with an investment fund of 100 million US dollars (Rp 1.5 trillion).

Jin Yoshida, Global Alliance Strategy Director of PT Bank Danamon Indonesia, said that his company is trying to expand the digital business ecosystem through this funding. The hope is that Danamon can help startups from the financial technology (fintech) sector grow and develop.

"We hope that through this investment matching, we can identify opportunities to provide investment funds to startups that are considered to have the potential to grow and be successful," Yoshida said at the Tech in Asia Conference.

In addition to targeting the fintech sector, Danamon also supports startups to meet collaboration needs. There is a possibility that startups that get funding will focus on Artificial Intelligence (AI) and cyber security.

"If there are startups that can help with financial sectors, which can improve customer service systems, update productivity, or enhanced cyber security, and so on (can get funding)," explained Yoshida.