Dana (payment service) explained

PT Espay Debit Indonesia Koe
Founded:December 5, 2018
Founders:Vincent Iswara
Trading Name:DANA
Key People:Vincent Iswara
Industry:Information technology
Hq Location City:Capital Place Lantai 18, Jl. Gatot Subroto RT.6/RW.1, Kuningan Barat, Mampang Prapatan, South Jakarta
Hq Location Country:Indonesia
Owner:Sinar Mas Multiartha
Num Employees:> 800 employees

Dana is a digital financial service based in Jakarta, Indonesia, which acts as a digital payment to replace conventional wallets. Founded in 2018, Dana is a digital wallet registered with Bank Indonesia with four licenses including electronic money, digital wallet, money transfer, and digital financial liquidity.

History

Vincent Israwa launched Dana on 11 November 2018.[1] Dana began in 2018 as an app offering payments, loyalty points and financial services powered by KMK Online's digital arm. Dana received permission to operate as a fintech company throughout Indonesia on December 5, 2018. With Dana, users can carry out transactions such as bill payments, top up games[2] online, credit, or Dana Paylater,[3] transactions using barcode scanning, and e-commerce. Dana is an official digital payment platform which is directly supervised by Bank Indonesia,[4] it carries an open platform and can be used in various applications, online and conventional outlets.

Dana was developed by the company startup which is an Indonesian legal entity. The main investor of the Fund is PT Elang Sejahtera Mandiri with an ownership portion of 99 percent. Elang Sejahtera Mandiri is a subsidiary of Emtek. Emtek has a collaboration with Ant Financial. With the collaboration between Emtek and Ant Financial, Dana received technological support from Ant Financial. Alipay technology has received recognition in terms of security and reliability in the world of digital transactions. Dana has collaborations with national banks, such as Bank Mandiri, BCA and BRI. Dana was developed as a wallet for storing limited amounts of funds in accordance with Bank Indonesia regulations and security standards.[5]

Since launching the product on November 11, 2018, until the end of June 2019, Dana has had 20 million users, and reached 1.5 million transactions per day.[1]

In August 2021, rumors circulated stating that Sinar Mas would buy 100% of Dana's shares.[6] [7] However, this rumor has appeared several times, even though it was finally quite close to the entry of two Sinarmas Group companies, Bank Sinarmas and, which Sinarmas denied was just an ordinary investment.[8] With the entry of this funding, the Sinarmas Group is expected to become the largest shareholder,[9] leaving Kreatif Media Karya (EMTEK) with 49% ownership.[10]

Notes and References

  1. News: September 9, 2019. CEO Dana Vincent Iswara: "Slogan Kami, Ganti Dompet". Bisnis.com. 2021-06-30. Wibawa. Hendra. Dewi. Puput Ady Sukarno & Fitri Sartina. 2021-07-09. https://web.archive.org/web/20210709181242/https://teknologi.bisnis.com/read/20190909/266/1146101/ceo-dana-vincent-iswara-slogan-kami-ganti-dompet. live.
  2. Web site: Salinan arsip . 2022-07-06 . 2022-07-06 . https://web.archive.org/web/20220706115323/https://rekor.co.id/dana-id-games/ . live.
  3. Web site: Cara Aktifkan Dana Paylater Dengan Mudah Platform Resmi Pembayaran Digital. September 7, 2021. www.rancakmedia.com. March 3, 2023. 2023-02-23. https://web.archive.org/web/20230223210650/https://www.rancakmedia.com/finance/6282/cara-aktifkan-dana-paylater-dengan-mudah/. live.
  4. Web site: Lovata. Andrean. September 7, 2021. Cara Aktifkan Dana Paylater Platform Resmi Pembayaran Digital. rancakmedia.com. id-ID. 2022-12-21. 2022-12-21. https://web.archive.org/web/20221221014647/https://www.rancakmedia.com/finance/6282/cara-aktifkan-dana-paylater-dengan-mudah/. live.
  5. News: Gideon. December 8, 2018. Hal yang Perlu Diketahui Soal Dana, Dompet Digital Besutan Anak Negeri. Liputan6.com. id. 2021-06-30. Wahyuni. Nurseffi Dwi. Arthur. 2021-07-09. https://web.archive.org/web/20210709182921/https://www.liputan6.com/bisnis/read/3802191/hal-yang-perlu-diketahui-soal-dana-dompet-digital-besutan-anak-negeri. live.
  6. Web site: Wah Grup Sinarmas Mau Caplok Dana, Beneran nih?. Syahrizal. Sidik. CNBC Indonesia. March 3, 2023. 2021-08-09. https://web.archive.org/web/20210809083236/https://www.cnbcindonesia.com/market/20210809123524-17-267189/wah-grup-sinarmas-mau-caplok-dana-beneran-nih. live.
  7. Web site: Sinarmas Bakal Akuisisi Dana dari Emtek (EMTK), Sinyal Lippo Lepas OVO? . August 9, 2021 . 2021-08-09 . 2021-08-09 . https://web.archive.org/web/20210809083236/https://market.bisnis.com/read/20210809/192/1427560/sinarmas-bakal-akuisisi-dana-dari-emtek-emtk-sinyal-lippo-lepas-ovo . live.
  8. Web site: Tak Cuma DSSA, Bank Sinarmas Ikut Akuisisi Dana Rp 359 M. Chandra. Dwi. CNBC Indonesia. March 3, 2023. 2022-04-28. https://web.archive.org/web/20220428164539/https://www.cnbcindonesia.com/market/20220303145151-17-319795/tak-cuma-dssa-bank-sinarmas-ikut-akuisisi-dana-rp-359-m. live.
  9. Web site: Simak Rencana Bisnis Dana Setelah Bergabung dengan Grup Sinarmas. Grahanusa. Mediatama. March 6, 2022. kontan.co.id. March 3, 2023. 2022-03-06. https://web.archive.org/web/20220306103143/https://keuangan.kontan.co.id/news/simak-rencana-bisnis-dana-setelah-bergabung-dengan-grup-sinarmas. live.
  10. Web site: Emtek Tidak Lagi Jadi Pengendali Induk Danad. dailysocial.id. March 3, 2023. 2022-04-28. https://web.archive.org/web/20220428164540/https://dailysocial.id/post/emtek-tidak-lagi-jadi-pengendali-induk-dana. live.

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