An affiliate of Indonesia’s diversified conglomerate Sinar Mas Group is set to invest $200 million in the local digital wallet DANA, according to a regulatory filing. The move is part of the company’s effort to expand its digital business.

PT DSST Dana Gemilang, a subsidiary of Sinar Mas Group’s energy and infrastructure arm PT Dian Swastatika Sentosa Tbk, signed conditional agreements on Feb 28 to invest in PT Elang Andalan Nusantara, whose subsidiary operates DANA.

Indonesia’s Sinar Mas Group To Invest $200M In Digital Wallet Dana

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Indonesia’s Sinar Mas Group To Invest $200M In Digital Wallet Dana

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