https://techcrunch.com/2023/02/01/mufg-japans-largest-bank-launches-100m-fund-for-indonesian-startups/

MUFG, Japan’s largest bank by market cap, announced today the launch of a $100 million fund focused on Indonesian startups. The fund, a collaboration between MUFG subsidiaries MUFG Innovation Partners, MUFG Bank and Indonesian commercial bank Danamon, is called MUFG Innovation Partners Garuda No. 1 Limited Investment Partnership.

The fund, which is the third one managed by MUFG’s fund management company MUIP, will make strategic investments in startups that can work with Danamon, a commercial bank acquired by MUFG and MUFG Bank in 2019. Danamon’s goals are to increase product competitiveness, promote digitalization and partner with portfolio companies to tap into their customer contacts.