Media and entertainment technology company IDN has acquired creative space operator M Bloc Group, while Bank Danamon Indonesia has signed an MoU with MUFG Bank to explore a potential integration between Danamon and MUFG’s Jakarta branch (MUFG Indonesia).
IDN buys creative space operator M Bloc Group
East Ventures-backed, Indonesia-based media and entertainment technology company IDN has acquired creative space operator M Bloc Group, according to its statement on Monday (May 11).
The acquired businesses—including M Bloc Space Jakarta, Pos Bloc Jakarta, Pos Bloc Surabaya, Pos Bloc Medan, and Lokananta Bloc Solo—will operate under a unified platform called IDN Bloc, while retaining their existing brands and operations.
Financial details of the transaction were not disclosed.
The acquisition marks IDN’s expansion beyond digital media and creator economy platforms into physical creative and community spaces, as the company seeks to integrate its online ecosystem with offline entertainment and cultural experiences.
IDN founder and CEO Winston Utomo said the acquisition aligns with the company’s long-term ambition to build a broader media and entertainment ecosystem for Indonesia’s younger generation.
Founded in 2014 by brothers Winston and William Utomo, IDN operates across digital media, live streaming, entertainment, and the creator economy. The company claims to reach more than 70 million monthly active users through four core business pillars: digital media, live streaming, entertainment, and the creators’ economy.
The integration is also expected to deepen collaboration across IDN’s existing portfolio, including JKT48, Saweria, Boss Creator — the organiser behind music festival Pestapora — and IDN Event. Saweria and Boss Creator were acquired in 2023.
IDN co-founder and COO William Utomo added that the acquisition would allow the company to connect more closely with audiences through physical venues and community-led experiences.
M Bloc Group co-founder Handoko Hendroyono said the partnership would help scale the impact of Indonesia’s creative communities nationwide.
Danamon explores integrating ops with MUFG Indonesia
Bank Danamon Indonesia has signed a memorandum of understanding with MUFG Bank to explore a potential integration between Danamon and MUFG’s Jakarta branch (MUFG Indonesia), with the process expected to take effect in 2027, subject to regulatory and shareholder approvals.
In a disclosure submitted to the IDX, the lender said the proposed integration aims to combine the strengths, expertise, and nationwide networks of both entities to create one of Indonesia’s leading financial institutions.
“If successfully implemented, the integration would optimally combine the global and nationwide strengths, expertise, and network of both entities,” Danamon said in the filing.
The bank said details of the proposed structure will be outlined in an integration plan, which will later be submitted to the relevant authorities, disclosed to the public, and proposed for shareholder approval in accordance with prevailing regulations.
Danamon added that the integration remains subject to approvals from regulators and shareholders, and is expected to become effective within 2027.
Until the process is completed, the lender said there will be no changes to the operations of Danamon or MUFG Indonesia. Customers will continue to access existing products and services without changes to branch networks or operating hours, while contractual relationships with vendors, contractors, outsourcing companies, and other counterparties will remain unchanged.
The lender also said the planned integration is aligned with the Financial Services Authority’s agenda to encourage consolidation in Indonesia’s banking sector.
The announcement comes weeks after market speculation about a potential merger between Danamon and MUFG’s Indonesian operations drove the lender’s shares sharply higher. Danamon shares, traded under ticker BDMN, hit the daily upper trading limit in April amid rumours that MUFG planned to inject its Indonesian assets into the bank.
Founded in 1956, Danamon has been a consolidated subsidiary of MUFG Bank since 2019, with MUFG currently owning 91.47%. In 2025, the OJK approved Danamon as the operational holding company for MUFG’s Indonesian financial conglomerate, which also includes Adira Finance, Home Credit Indonesia, and Mandala Finance.
As of Dec. 31, 2025, the lender had consolidated assets of 275.7 trillion rupiah ($15.8 billion), serving a broad customer base across corporate, small and medium enterprise, and retail segments.
Meanwhile, MUFG Indonesia, the Jakarta branch of MUFG Bank, has operated in Indonesia since 1968 and held total assets of 207 trillion rupiah ($12 billion) as of end-2025. The branch primarily serves large corporate clients, including Indonesian, Japanese, and multinational companies operating in the country.
Danamon said the integrated entity, once effective, will remain a consolidated subsidiary of MUFG Bank.
