Danamon and MUFG Fund New Garuda Fund

Press Release / 31 January 2023

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Jakarta, 31 January 2023 – Following the earlier announcement from MUFG, MUFG Innovation Partners Co., Ltd (“MUIP”) and MUFG Bank in Tokyo on 31 January 2023, PT Bank Danamon Indonesia Tbk (“Danamon” and “Bank”) and MUFG Bank jointly announced a placement of USD 100,000,000 in an Indonesia-focused venture fund named the MUFG Innovation Garuda No. 1 Limited Investment Partnership (“Garuda Fund”).

“Garuda Fund intends to make strategic investments in the dynamic and competitive Indonesian digital finance sector, emphasizing investments into platform business and fintech startups with ample scale and digital capabilities, to support the growth of Indonesian startups and expand Danamon’s collaboration ecosystem,” said Reza Iskandar Sardjono, Chief Strategy Officer, PT Bank Danamon Indonesia Tbk.

About Garuda Fund

Danamon and MUFG Collaboration to Advance Indonesia’s Digital Finance Industry

The establishment of Garuda Fund emphasizes Indonesia’s importance as the country with the largest digital economy in ASEAN for the MUFG group of companies, one of the largest financial group in Japan and the world, of which Danamon is a subsidiary. 

Kenichi Yamato, Managing Executive Officer and Chief Executive of Global Commercial Banking Business Unit at MUFG Bank said: “MUFG aims to meet the financial needs of Indonesians from multiple angles, capture the growth of Indonesia and to contribute to financial inclusion within the country.  Garuda Fund enables both MUFG and Danamon to collaborate with Indonesian start-up companies so as to strengthen product offerings, secure access to diverse customer bases and boost digitalization to better serve a wider spectrum of consumers”.

This collaboration between Danamon and MUFG aims to achieve potential business synergies in the form of customer acquisition, business expansion and capability enhancement, as well as advancing the digital financial industry in Indonesia.  

About MUIP

MUIP is a Corporate Venture Capital company established by MUFG in 2019. The company aims to strengthen open innovation through business alliances between MUFG Group companies and startups both in Japan and overseas. MUIP has made total investments of over JPY 40 billion in companies globally and worked to promote collaboration with investees.

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