As quoted from CNBC Indonesia, the Sinarmas Group is reportedly in talks to acquire a digital wallet company DANA from the Emtek Group. As is known, DANA was founded in 2018 by PT. Elang Sejahtera Mandiri as the main investor with 49% share ownership. PT. Elang Sejahtera Mandiri is a subsidiary of PT. Elang Mahkota Teknologi Tbk (EMTK), which is the parent of the Emtek Group. Meanwhile, the remaining 45% shares of DANA is owned by Ant Financial through API Investment Limited.

The news about this acquisition plan came up after Deal Street Asia said that Sinar Mas Group was in talks to acquire a local digital wallet DANA. According to three sources that know the plan, if the acquisition is to be realized, the Sinarmas Group will take partnership with Ant Financial for the DANA business. Ant Financial is one of unicorns from China known as Alipay –the largest player in digital payments market in China.

In addition to investing in DANA, Ant Financial also controls 13.05% shares in PT Tbk (BUKA). Bukalapak is the first e-commerce platform, which just listed on Indonesia Stock Exchange (IDX) last Friday (6/8) through initial public offering (IPO) to collect IDR 22 trillion of funds – the largest IPO funds collected in the history of the IDX. BUKA, which is also supported by Emtek, offers initial shares at IDR 850/share.

Meanwhile Sinarmas is a large-scale group in Indonesia that currently has obtained an electronic money license through Simas Pay, which is managed by PT. Sinarmas Bank. This is the second electronic money license obtained after previously PT. Smartfren Telecom Tbk (FREN) received a license for the Uangku product and DANA is expected to be the third.

As also reported in CNBC, however, the Managing Director of Sinar Mas Gandi Sulistiyanto refused to give detail answers regarding the Sinarmas Group’s plan to develop a digital wallet business in Indonesia. For the time being, it is still unknown which entity from the Sinarmas Group that will oversee this corporate action plan.


Based on a research by Neurosensum conducted in 3 months (November 2020 – January 2021), ShopeePay still has the highest market penetration with 68% share, followed by OVO (62%), DANA (54%), GoPay (53%), and LinkAja (23%). The research on the use of e-wallet as a medium for digital transactions was conducted toward 1,000 respondents (active e-commerce users, with productive age (19-45 years old)), simultaneously in 8 major cities in Indonesia, namely Jabotabek are, major cities in Java Island, and major cities in Indonesia.


Based on data from Bank Indonesia (BI), the value of electronic money (E-Money) transactions in May 2021 totalled IDR 23.7 trillion or increasing by 57.38% (y-o-y).

The volume of digital banking transactions also continued to increase in May 2021 by 56.49% (y-o-y) to 601.2 million transactions. Meanwhile, the value of digital banking transactions increased by 66.41% (y-o-y) to IDR 3,117.4 trillion.

Next, the value of payment transactions using ATM cards, Debit Cards, and Credit Cards in May 2021 increased by 21.03% (y-o-y) to IDR 689.7 trillion. This is in line with the increase in economic activity and the increasing in community needs ahead of Eid Al-Fitr 1442 Hijriah. (Source:

These developments show that public interest in the use of electronic money has increased significantly, and there is great potential to develop electronic money in Indonesia.