OVO and DANA is Going to Merge to Match GoPay

JAKARTA – Two digital financial services startups, OVO and DANA, are rumored to be merging their companies. The merger of these companies is said to counter the dominance of GoPay in digital payments.

Quoted from a Bloomberg report, the two startups have been discussing a merger plan since the end of 2019. However, the plan to sign an agreement between the two parties had to be postponed. It’s all due to the coronavirus pandemic,

Today, the two companies still discuss a number of details and their business plans. Matters related to the agreement regarding the terms and time of the agreement may still change.

The OVO and DANA plan to merge in order to compete with GoPay. According to the closest source, the two companies agreed to reduce their money-burning strategy to hook the market.

So far, OVO, DANA, and GoPay are big players in the fintech (financial technology) market. These three companies even have foreign investors to support their funds.

OVO itself has received capital injections from SoftBank Group Corp, which is also supported by Grab Holdings Inc. Meanwhile, DANA is affiliated with capital from Alibaba Group Holding Ltd.

While GoPay, which is part of Gojek, recently also received an injection of funds from Facebook Inc. and PayPal Holdings Inc. The investment is also used to develop Facebook’s business in Indonesia.

“The agreement between OVO and DANA helped strengthen the alliance between Alibaba and Softbank, and consolidated the digital payment market in Indonesia,” VOI quoted Monday, June 15th.

This merger agreement also helps Grab Holdings, which is based in Singapore, to compete with Gojek in Indonesia. Both in terms of the transportation market and digital payment services.

Moreover, this merger also allows the creation of one of the largest digital payment platforms in Indonesia. So, it can consolidate the fintech market by reducing major players.

The English and Chinese versions are automatically generated by the system. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)

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