Fintech

Ant Financial gives Dana app firepower for Indonesian payments battle

Dana CEO Vincent Iswara aims to prove ‘first-mover’ theory wrong. With backing from the Alibaba affiliate plus plans to raise more capital, his company represents a credible threat to existing players.

Indonesia is creating a standard matrix code for electronic payments. It's a powerful leg-up for startups as it will enable them to piggy-back on to the networks built at great expense by early movers such as Ovo and Go-Pay.

One of them is Dana, which means funds’ in Bahasa Indonesian. It has some high-roller backers too. 

Bank Indonesia launched the common payments standard known as QR Code Indonesian Standard QRIS in August and will make it compulsory from January 1, 2020. The move is part of government efforts to boost financial inclusion across the archipelago.

For latecomers to the market,...

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