However, MCI President Director Ronald Simorangkir sees this as an important lesson that could change the landscape of startup investment in Indonesia, making it stronger in the future. 

“MCI continues to support healthier and more competitive digital economic growth. As part of the Bank Mandiri financial conglomerate, MCI has a role to support startups from various sectors to synergize and provide mutual added value,” he told Bisnis on Tuesday (11/11/2025) evening. 

He added that in the past two years, MCI has continued to strengthen its risk management before providing funding to startups, which is done through an end-to-end risk assessment strategy.

This strategy, he added, is always carried out at every stage of the investment process for each startup. It starts with conducting in-depth due diligence. 

“Then, more intensive monitoring of startup performance through periodic reports and regular visits, as well as the implementation of an early warning system [EWS] that allows for rapid risk mitigation,” explained Ronald.

Not only that, Ronald also explained that his company consistently improves its human resource capabilities. This is done by requiring all employees to pass a risk management certification assessment registered with the OJK. 

Although these methods continue to be implemented, he does not deny that the venture capital industry still faces the main challenge of becoming a company that has a balance between growing the business (growth), generating profits (profitability), maintaining sustainability, and implementing good governance. 

“For MCI, this challenge is anticipated with three main steps, namely sharpening the direction and investment strategy to be more in line with Mandiri Group's business plan and risk appetite, updating the investment process with an integrated investment strategy, end-to-end risk management, and data analytics,” he said. 

Finally, Ronald said that the company consistently strengthens corporate governance, organizational transformation, and improves the quality of human resources. According to him, these three methods can enable MCI to maintain the sustainability of the company's portfolio. 

Furthermore, he said that MCI now sees that the financial technology (fintech) industry is no longer competing to become super apps or one-stop-service providers. This is because financial service institutions such as banks have also started to do this.

“Therefore, fintech investors are now more observant in seeing the investment potential in various types of technology-based financial services. Investors now not only look at the potential demographics and technology penetration, but also how quickly technology becomes obsolete and the adaptability of fintech so that the solutions offered remain relevant,” explained Ronald. 

Previously, Agusman, Chief Executive of the OJK's Supervisory Agency for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions, said that venture capital companies are currently selective in disbursing financing amid a startup ecosystem that is facing various challenges. 

“Venture capital distribution continues selectively, with a focus primarily on startups with sustainable business capital,” he emphasized at a press conference on Tuesday (11/11/2025). 

For information, in September 2025, venture capital financing reached IDR 16.29 trillion, down slightly by 0.24% (month to month/MtM). However, the value of venture capital financing grew slightly by 0.25% (year on year/YoY). Additionally, the value of venture capital industry assets reached Rp26.76 trillion, growing 2.33% (YoY) from Rp26.15 trillion.