Dana is a digital financial service based in

Jakarta Jakarta (; , Betawi language, Betawi: ''Jakartè''), officially the Special Capital Region of Jakarta (; ''DKI Jakarta'') and formerly known as Batavia, Dutch East Indies, Batavia until 1949, is the capital and largest city of Indonesia and ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

, which acts as a digital payment to replace conventional wallets. Founded in 2018, Dana is a digital wallet registered with

Bank Indonesia Bank Indonesia (BI) is the central bank of the Republic of Indonesia. It replaced in 1953 the Bank of Java (, DJB), which had been created in 1828 to serve the financial needs of the Dutch East Indies. History Bank of Java King William ...

with four licenses including

electronic money Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...

digital wallet A digital wallet, also known as an e-wallet or mobile wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and s ...

, money transfer, and digital financial liquidity.

History

Vincent Israwa launched Dana on 11 November 2018. Dana began in 2018 as an app offering payments, loyalty points and

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

fintech Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

company throughout Indonesia on December 5, 2018. With Dana, users can carry out transactions such as bill payments, top up games online, credit, or Dana Paylater, transactions using barcode scanning, and

e-commerce E-commerce (electronic commerce) refers to commercial activities including the electronic buying or selling products and services which are conducted on online platforms or over the Internet. E-commerce draws on technologies such as mobile co ...

. Dana is an official digital payment platform which is directly supervised by Bank Indonesia, it carries an

open platform In computing, an open platform describes a software system which is based on open standards, such as published and fully documented external application programming interfaces (API) that allow using the software to function in other ways than the ...

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 Ant Group ( zh, s=蚂蚁集团, p=Mǎyǐ jítuán, t=), formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves ...

. With the collaboration between Emtek and

, Dana received technological support from

. 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 PT Bank Mandiri (Persero) Tbk or Bank Mandiri, headquartered in Jakarta, is the largest bank in Indonesia in terms of assets, loans and deposits. Total assets as of 2022, were 1.992 Trillion rupiah (around US$133 Billion). As of 2022, Bank Man ...

, BCA and BRI. Dana was developed as a wallet for storing limited amounts of funds in accordance with

regulations and security standards. 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. In August 2021, rumors circulated stating that Sinar Mas would buy 100% of Dana's shares. 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. With the entry of this funding, the Sinarmas Group is expected to become the largest shareholder, leaving Kreatif Media Karya (EMTEK) with 49% ownership.

References

{{reflist Financial services companies established in 2018 Android (operating system) software Indonesian companies established in 2018