Lazada Strengthens Alibaba's Domination through DANA

Summary

Digital wallet fintech company DANA announced the completion of investment transactions from the Sinarmas Group and e-commerce Lazada on Wednesday. According to PT Dian Swastatika Sentosa Tbk (DSSA) disclosure, the size of Sinarmas investment in DANA reach US$ 200 million. Meanwhile, Lazada injects US$ 304.5 million into the e-wallet platform through Lazadapay Holdings Pte Ltd. 

DANA Chief Executive Officer Vincent Iswara stated that Sinarmas and Lazada Group would join the EMTEK Group and the Ant Group, which is Alibaba's subsidiary, as the company's new shareholders. "We believe that financial technology platform DANA will provide a lot of strategic value to investors," Vincent said.

Meanwhile, Sinarmas invested in DANA through PT Dian Swastatika Sentosa Tbk. Dian Swastatika chairman Franky Oesman Widjaja was optimistic that investing in DANA would be the beginning of sustainable strategic collaboration. "We are optimistic that the collaboration with DANA will bring added value to the Sinarmas' digital ecosystem," he said. Meanwhile, Lazada Group and Lazada Indonesia CEO James Dong believed that the company made the right choice by investing in DANA.

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