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. 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 (DSSA). Dian Swastatika chairman Franky Oesman Widjaja was optimistic that investing in DANA would be the beginning of sustainable strategic…