Bank Mandiri Unit in Singapore Invests in Tribe, Blockchain Accelerator Operator

Tribe Accelerator today (14/4) announced the acquisition of a new strategic investment from Mandiri Investment Management Singapore, a subsidiary of Bank Mandiri. Korea Investment Partners, Greg Kidd, and Stellar Partners also involved in supporting the accelerator program blockchain the first to be supported by the Singaporean government. 

Apart from upgrading accelerator program, the funds will also be used in the development of the Tribe Academy; including expanding its business scope to reach more startups and talents blockchain.

In addition, Tribe also informed that startups that have participated in its program have raised $70 million in funding, supported by global investors. So far it's been running 4 batch, some of its startups include DigiX, WhatsHalal, xfers, and others.

"We support various startups blockchain world-wide, with a total valuation of over $1 billion, that solves problems from food safety to drug delivery [...] We are pleased to welcome our new strategic investors from Indonesia, as well as the United States, South Korea and Hong Kong to help expansion into new markets," said Tribe CEO Yi Ming Ng.

Meanwhile Mandiri Investment CIO Kevin Widjaja commented, "Mandiri Investment Management Singapore has a track record of supporting local startups, especially those on the front line. deep technology. Over the years Tribe has supported several start-ups using blockchain for various problems. Investing in Tribe allows us to help them expand their global footprint and network."

Bank Mandiri's digital transformation path?

Despite use caseIt's very broad, it's undeniable in its initial phase blockchain gaining popularity because it is considered to be able to democratize financial services with a more efficient approach. In Indonesia itself, there is a lot of innovation blockchain classified as still very minimal -- mostly used for things related to crypto currency assets.

Bank Mandiri's entry into this landscape can also be interpreted as the company's efforts to bridge the planned digital transformation. Refer to Corporate Digital Transformation Report 2020 published DSInnovate, the investment approach to the financial ecosystem is one of the strategies that is emphasized to produce what they call "value generation".

In Indonesia, they operate CVC Mandiri Capital Indonesia, focusing on investing in various services fintech, both reaching consumers and businesses. Another synergy effort, especially with digital companies, is carried out with an integration approach through the banking service APIs they provide.

Despite the disruption blockchain For the financial industry in Indonesia, it is not yet obvious, but slowly but surely many consider that technological innovations that are born could present a new paradigm that disrupts legacy businesses. By entering and blending into the ecosystem early, it is possible for market leaders to be able to up to date by synergizing business with more relevant technological developments.