Bank Mandiri | Creating a Digital Ecosystem Through Collaboration
Digitization opens up new opportunities for companies to create value.
Now the world is facing a drastic change. The rapid development of technology has made countries compete to transform to go digital quickly to create significant economic benefits with the presence of digital services. Technology plays an important role and has become a substantial source of total productivity growth. McKinsey Global Institute says that an additional $13 trillion could be added to global GDP by 2030 from today through digitization, automation, and AI. This technology gives birth to new and more excellent business opportunities. Therefore a planned strategy is needed to support Indonesia in facing digital transformation.
Reports from Google and Temasek estimate that the digital economy in Indonesia will be the largest in Southeast Asia, reaching Rp 1,400 trillion or $100 billion in 2025. That number has tripled from Rp378.5 trillion valuation or $27 billion in 2018. Indonesia needs to take advantage of this situation to be able to compete and appear more active. In the era of disruption, governments / BUMN needs to collaborate with startups through innovative products and services to increase economic growth. For example, Bank Mandiri as BUMN continues to strengthen digital banking services to make it easier for the customer to conduct financial transactions. Bank Mandiri also build synergy between startups so that they can develop more rapidly, compete stronger, and operate more efficiently. As a market leader in Indonesia, Bank Mandiri has significantly contributed to collaborating with startups in creating a digital ecosystem.
Amartha
The peer-to-peer lending company Amartha and Bank Mandiri collaborate to provide access finance or credit to micro, small and medium-sized businesses that are unreachable or unbanked. In this collaboration, Amartha will refer SMEs partners following the criteria to Bank Mandiri. Furthermore, Bank Mandiri will determine which SMEs partners can obtain credit facilities. With the selection results from Amartha, hoped that Bank Mandiri could minimize the chance of non-performing loans in the future.
Bank Mandiri also provides Amartha with a Productive Loan Application. By providing this system to simplify the lending process. It takes less than 24 hours to approve and ensures a safe and secure paperless process.
PrivyID
PrivyID is the first RegTech (Regulatory Technology) startup in Indonesia that provides legally binding digital signature services. Collaborate with Bank Mandiri to solve problems that occur when peoples register as customers at Mandiri Sekuritas. Prospective customers are required to come to the branch, then open an account, and do a signature on the spot. The registration process, in this way, can take up to 7 days. Besides, the obligation to visit the Mandiri Sekuritas branch office also makes it difficult for prospective investors from outside the big cities.
Now with the MOST DigiSign technology, the process of opening securities account only takes 30 minutes. The registration process can also be done from anywhere.
Bank Mandiri also collaborates with PrivyID in terms of credit processes by integrating the API LOS Mikro KUM provided by Bank Mandiri and Digital Sign by PrivyID, credit process to become fast and more secure. This certainly can increase Bank Mandiri’s productivity and create convenience for customers.
Mekari
Mekari is a Software-as-a-Service (SaaS) company in Indonesia with a mission to empower professionals and develop business. One of their products is the Journal. Collaborating with Bank Mandiri allows business people to manage company financial reports more quickly, which is linked to Bank Mandiri accounts.
For this collaboration, Bank Mandiri provides Mekari with integration on Mandiri Cash Management product, that enabled Mekari to leverage cash management functionality such as payroll, etc.
Bukalapak
Founded by Achmad Zaky, Fajrin Rasyid, and Nugroho Herucahyono in 2010, Bukalapak is one of Indonesia’s largest e-commerce marketplaces. Bank Mandiri and Bukalapak cooperate in creating online payments. With Mandiri virtual account API, Customers can save time to make payments to increase transaction convenience.
Investree
Bank Mandiri is collaborating with Investree to help micro and small businesses to develop their businesses. In the initial stages, Bank Mandiri provided Rp 200 billion in loans. This collaboration aims to increase access to finance for SMEs players who have not been touched by conventional banking but have an adequate business.
By using an online financing application created by Bank Mandiri, the distribution of productive financing for SMEs in Indonesia has become more accessible.
Tokopedia
Tokopedia, as one of the largest e-commerce companies in Indonesia, collaborates with Bank Mandiri in payment transactions. With APIs provided by Bank Mandiri, such as Top Up E-Money. customer can save time by giving them instant access to check, update, and top up e-money through Tokopedia apps.
Together Everyone Achieves More
The collaboration between the Bank and Startup is essential because it creates a mutually beneficial relationship to realize the Digital Economy in Indonesia and also improve the quality of service to customers. Bank Mandiri will continue to work together with startups. The company is ready to increase investment through Mandiri Capital, Indonesia. Throughout 2019, MCI has received an investment budget of IDR 1 trillion from Bank Mandiri.
These investments will focus on startups aligned with Bank Mandiri’s core business, including fintech-based companies with several subsectors such as payment systems, financing, managed funds, and others. In the future, there are two types of startup segments targeted, such as technology-based insurance companies and remittances to help Indonesian service workers abroad. With this collaboration, Bank Mandiri hopes can support Indonesia towards digital transformation.
If you’re interested to learn more about Mandiri API head over to developer.bankmandiri.co.id
