What Bank Mandiri does

Bank Mandiri (PT Bank Mandiri (Persero) Tbk) is Indonesia's largest bank by assets, loans, and deposits, founded in 1998 through the merger of four state-owned banks and headquartered in Jakarta. It is a state-owned enterprise listed on the Indonesia Stock Exchange (ticker: BMRI) with a market capitalization of approximately Rp 1,100 trillion (US$67 billion), and operates as a member of the Himbara association of Indonesian state-owned banks. As of 2024 it held 21% of Indonesia's banking loans and 19.2% of deposits.

The bank operates a dual digital-platform architecture: Livin' by Mandiri, a consumer super app serving 32.9 million registered users and processing 2.2 billion transactions worth US$140 billion (Q2 2025), and Kopra by Mandiri, a wholesale digital super-platform serving over 30,000 corporate clients with 200+ API-based embedded finance services. Underlying capabilities include facial recognition and voice biometric authentication, an AI assistant, Livin' Cash-Out Analysis (anomaly detection), MiFID-grade time synchronization infrastructure, and direct participation in China's CIPS for cross-border Renminbi clearing. Distribution spans Smart Branch formats (Digital Box, Hybrid Branch, Upgrade Branch), a nationwide ATM network, Mandiri Unit Mikro offices, Mandiri Agen branchless agents, Livin' Merchant (2.6 million merchants), and the Mandiri API developer portal.

Revenue is anchored in net interest income from an IDR 1,895 trillion loan portfolio (+13.4% YoY, 0.96% NPL), with complementary streams from digital transaction fees (IDR 7.47 trillion in 2025), trade finance, card and account fees, and capital markets activities. FY2025 net profit was IDR 56,295 billion; 2026 guidance targets NIM of 4.6–4.8% with 7.9% loan growth. GTM combines direct enterprise sales (Kopra field motion), direct-to-consumer distribution (Livin' app plus physical branches), branchless agents, and an API-first developer ecosystem serving Indonesia's retail, MSME, corporate, priority/wealth, and cross-border banking segments.

Name

Bank Mandiri

Legal name

PT Bank Mandiri (Persero) Tbk

Website

https://bankmandiri.co.id

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Bank Mandiri is Indonesia's largest state-owned bank, operating dual digital platforms — Livin' for 32.9M retail consumers and Kopra for 30,000+ corporates — alongside an extensive branch, ATM, and branchless-agent distribution network serving consumer, MSME, corporate, and cross-border banking segments.

Ownership category

akta.pro rank

Product category

Retail and Wholesale Banking

NAICS

Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic SME & Commercial Banking (FSABAGAB)

akta.pro secondary industries

Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Reconciliation, Ledgering & Money Movement Ops (Sub-ledgers, Settlement, Reporting) (FSAGALAL)

Keywords

• Retail banking services
• Wholesale banking solutions
• Digital payment platforms
• Trade finance services
• Corporate cash management

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices17 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Primary revenue stream from loan portfolio (IDR 1,895 trillion in Q4 2025, growing 13.4% YoY) and deposit-taking activities; 2026 guidance projects NIM of 4.6-4.8% with loan growth of 7.9%.
2. Digital Fee Income: Fee income from digital transactions on Livin', Kopra, and Livin' Merchant platforms; digital fee income grew to IDR 7.47 trillion in 2025 with 80% of all transactions shifting to digital platforms.
3. Trade Finance Fees: Fees from trade finance products (export, import, value chain, bank guarantees, local LC) and correspondent banking services; recognized as World's Best Trade Finance Providers 2026.
4. Card and Account Fees: Recurring fees from debit cards, credit cards, savings accounts, current accounts, safe deposit boxes, and transfer services; includes monthly admin fees, transaction fees, and annual fees.
5. Capital Markets / Bond Issuance: Revenue from debt capital markets activities including the USD 750 million global bond offering (senior unsecured fixed rate bonds maturing in 2031 with a 5.25% coupon rate).

Pricing tiers

Go-to-market motion4 records

Distribution channels11 records

Marketing channels9 records

Core offering

Bank Mandiri operates a dual digital-platform architecture delivering retail and wholesale banking across Indonesia. Its Livin' by Mandiri super app serves consumer banking, payments, and lifestyle needs for over 32.9 million registered users, while Kopra by Mandiri provides wholesale cash management, trade finance, treasury, and 200+ API-based embedded finance services to over 30,000 corporate clients. The bank also distributes lending products (mortgages, auto, personal), cards (debit, credit, co-brand), savings, deposits, and merchant/QRIS services via Livin' Merchant, supported by a nationwide branch, ATM, and Mandiri Agen network.

Product overview

Bank Mandiri operates a dual-platform architecture anchored by Livin' by Mandiri for retail consumers and Kopra by Mandiri for wholesale/corporate clients, with shared digital modules and payment rails beneath. At the retail layer, Livin' by Mandiri serves as the super app and bundles Livin' Merchant, Mandiri e-money, the Mandiri API developer surface, AI-driven authentication (facial recognition and voice biometric), an AI assistant, and the Livin' Cash-Out Analysis feature. At the wholesale layer, Kopra by Mandiri integrates Kopra Cash Management, Mandiri Bill Collection, Mandiri H2H Payment, Mandiri Auto Debit, Trade Finance, and Treasury & International Banking, supported by AI-based trade document verification and analytics. Surrounding both layers are transactional products (Mandiri Tabungan, Mandiri Deposito, Mandiri Giro), lending products (Mandiri KPR, Mandiri Auto, Mandiri Personal Loan), card products (Mandiri Debit Card on Visa/GPN, Mandiri Credit Card, and the Mandiri–Marriott Bonvoy Co-Brand Credit Card), physical infrastructure (Smart Branch, Mandiri EDC, Customer Service Machine), and subsidiary brands (Mandiri Sekuritas, AXA Mandiri).

Differentiator

Problem solved

Functional benefit

Brands

• Livin' by Mandiri: A comprehensive financial super app providing digital banking solutions including account opening, daily transactions, investments, property services, and lifestyle features. Recorded 32.9 million registered users processing 2.2 billion transactions worth $140 billion by Q2 2025.
• Kopra by Mandiri
• Mandiri e-money
• Livin' Merchant
• Mandiri AXA General Insurance (AXA Mandiri)

Products and services

• Livin' by Mandiri Super App

Quantifiable outcome

• Livin' by Mandiri reached 32.9 million registered users processing 2.2 billion transactions worth $140 billion by Q2 2025
• +8 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

AI capability12 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered flagship, core and minor.

• People's Bank of China (via Bank Indonesia cooperation)flagshipStrategic or Co-development Partner · 11 June 2026Bank Indonesia and People's Bank of China signed agreements to deepen monetary and financial cooperation, with Bank Mandiri designated as a direct participant in China's Cross-border Interbank Payment System (CIPS) and a memorandum on establishing a Renminbi Clearing Arrangement in Indonesia. Cross-border QR payment connectivity links 191 payment providers in China with 24 in Indonesia.
• Marriott BonvoyflagshipGTM or Marketing Partner · 13 February 2026Marriott Bonvoy and Bank Mandiri launched their first co-branded credit card in Indonesia on February 13, 2026, offering travel benefits and loyalty rewards to cardholders. The partnership aims to enhance travel experiences for Indonesian customers by integrating global travel rewards with financial services, representing a flagship co-brand initiative.
• PT Telekomunikasi Indonesia Internasional (Telin)coreStrategic or Co-development Partner · 24 December 2025Telin and Bank Mandiri formalized partnership extensions for non-cash loan and forex line facilities along with API-based self-service corporate payment solutions. The API-based platform is expected to reduce transaction processing times by up to 50% and enhance Telin's financial agility for international operations. Both companies also discussed exploring future collaborations in fintech innovation and sustainable financing initiatives.
• NEC Corporation (with Adtran Oscilloquartz)coreTechnology or Integration · 12 December 2025Bank Mandiri selected NEC Corporation's Network Transformation Service to implement Adtran's Oscilloquartz time synchronization technology in its Jakarta data centers. The deployment of OSA 5412 NTP clock servers provides precise time synchronization meeting global banking regulations such as MiFID, while offering advanced jamming and spoofing detection to safeguard against cyber threats, positioning the bank at the forefront of digital banking security.
• Bank IndonesiacoreStrategic or Co-development PartnerBank Indonesia oversees Bank Mandiri as a licensed bank; Bank Indonesia and People's Bank of China signed agreements in Shanghai on June 11, 2026 to deepen monetary and financial cooperation, expanded Local Currency Transactions frameworks, strengthened Bilateral Currency Swap Arrangements, and cross-border QR payment connectivity, with Bank Mandiri as a direct CIPS participant.
• Mandiri Sekuritas (subsidiary)coreStrategic or Co-development PartnerMandiri Sekuritas is a subsidiary of Bank Mandiri, serving as Indonesia's leading retail broker (770,000+ retail equity investors as of March 2025) with integrated digital ecosystem driving 450% increase in client acquisition. Recognized as Indonesia's Best Broker 2025 by Euromoney.
• Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), Bank Tabungan Negara (BTN)flagshipStrategic or Co-development PartnerJakarta is advancing a plan to consolidate Indonesia's four largest state-owned banks (BRI, Bank Mandiri, BNI, BTN) into a single entity with combined asset value of approximately $560 billion, aiming to enhance regional competitive strength and support economic development.
• Indonesia Investment Authority (Indonesia's Sovereign Wealth Fund)coreStrategic or Co-development PartnerOki Ramadhana, an investment banker from Mandiri Bank, was appointed as the new CEO of Indonesia Investment Authority (the country's first sovereign wealth fund), filling a leadership vacuum. The appointment reflects close ties between Bank Mandiri and the sovereign wealth fund, which is a key state financial institution alongside the Himbara banks.
• Ginting & Reksodiputro (with A&O Shearman) and Hiswara Bunjamin & Tandjung (with HSF Kramer)minorImplementation/ SI/ Consulting PartnerIndonesian law firms advised on Bank Mandiri's USD 750 million global bond offering, the first benchmark USD issuance from Southeast Asia since the geopolitical tensions involving the US, Israel, and Iran escalated in February 2026. The senior unsecured fixed rate bonds, maturing in 2031 with a 5.25% coupon rate, were oversubscribed more than three times.
• BCA, BRI (in Indonesia's digital wallet market)minorOthersBank Mandiri (mandiri e-money) identified alongside BCA (Flazz) and BRI (BRIZZI) as the leading bank issuers actively competing in Indonesia's prepaid card and digital wallet market, projected to grow from $7.32 billion in 2025 to $10.23 billion by 2030.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Bank Central Asia (BCA): BCA is Indonesia's largest privately-owned bank and Mandiri's closest direct competitor across retail, wholesale, and digital banking. Both banks compete head-to-head in Livin' vs BCA mobile, prepaid cards (Mandiri e-money vs Flazz), and corporate banking, with BCA often leading in retail transaction banking and Mandiri leading in wholesale loans.
• Bank Rakyat Indonesia (BRI): BRI is a fellow Himbara state-owned bank and one of the four banks slated for consolidation with Mandiri. BRI dominates microfinance and MSME lending in Indonesia, directly overlapping with Mandiri's Kredit Mikro and Livin' Merchant strategies. BRI also operates BRILink agent banking, comparable to Mandiri's Mandiri Agen network.
• Bank Negara Indonesia (BNI): BNI is another Himbara peer slated for the same mega-merger as Mandiri. BNI competes across corporate banking, digital (BNI Mobile), and trade finance, with significant overlap in wholesale and government-facing banking segments where Mandiri's Kopra platform is strongest.
• Bank Tabungan Negara (BTN): BTN is the fourth Himbara bank in the proposed merger and Indonesia's leading mortgage bank. BTN competes directly with Mandiri's KPR mortgage product and shares similar state-owned ownership, regulatory treatment, and policy transmission exposure.
• Bank Syariah Indonesia (BSI): BSI is a Himbara member that was deconsolidated by Mandiri. BSI competes in Indonesia's growing Islamic banking segment, including sharia-compliant lending, deposits, and trade finance — an area where Mandiri has historically less specialization.
• CIMB Niaga: CIMB Niaga is a major private Indonesian bank with a regional ASEAN franchise under CIMB Group. It competes directly with Mandiri in wholesale banking, treasury, and consumer lending, and is comparable in scale of corporate transaction banking.

Broad incumbents

• DBS Bank Indonesia: DBS is a major Singaporean regional bank operating in Indonesia. It competes with Mandiri in wholesale transaction banking, treasury, and digital banking (DBS Digibank), and co-arranged financing with Mandiri (e.g., the ACE $1B facility). DBS provides a regional benchmark for digital banking maturity.
• OCBC Indonesia: OCBC is a regional Singaporean-Malaysian bank operating in Indonesia. It competes in corporate banking, treasury, and wealth management, and has participated in syndicated deals alongside Mandiri (e.g., ACE $1B). OCBC's regional digital platform is a comparable benchmark.

Emerging players

• Bank Mandiri Sekuritas competitors (e.g., Indo Premier Sekuritas, Mirae Asset Sekuritas Indonesia): Indo Premier Sekuritas is a leading Indonesian retail broker competing with Mandiri Sekuritas. While smaller in scale, these digital-first brokers represent the competitive frontier in retail equity trading and capital markets services adjacent to Mandiri's brokerage subsidiary.
• GoPay (part of GoTo Group): GoPay is Indonesia's largest e-wallet and competes with Mandiri e-money in consumer payments and merchant acceptance. GoTo's fintech stack represents a structural disintermediation risk to traditional banks in payments, micro-lending, and consumer finance — the segments where Livin' users are most concentrated.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bankmandiri
• Facebookfacebook.com/bankmandiricare
• LinkedInlinkedin.com/company/bank-mandiri

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank Mandiri