Dechert advises Sinar Mas on e-wallet investment

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Dechert advises Sinar Mas on e-wallet investment

Dechert has assisted Indonesian conglomerate Sinar Mas and its affiliates on their USD250 million investment in Elang Andalan Nusantara, which operates one of the country’s biggest digital wallet providers, Dana.

The Dechert team was led by Singapore-based partners Timothy Goh and Siew Kam Boon, with support from Hong Kong-based associate Drew Singer, Brussels-based partner Clemens York and counsel Michael Okkonen.

The Indonesian digital wallet provider, which is also backed by Chinese payments giant Ant Financial, will use the funds to invest in new tech and roll out more financial services in the country. The value of digital payments in the country has already exceeded both credit and debit card transactions in Indonesia, according to Bank Indonesia data.