The Jakarta Post
Digital payment platforms Ovo and Dana are declining to comment on rumors of a merger between the two financial technology (fintech) firms.
Although the news is making a big buzz in the country's fintech sector, Ovo director of enterprise payments Harianto Gunawan dismissed it on Tuesday, saying that Ovo would make an official announcement about any of its plans.
"Please don't listen to news from speculators," he told the press in Jakarta.
Similarly, Dana CEO Vincent Henry Iswaratioso refused to be drawn on the reports. "I don't have any comments on that because I think the reports are speculative," he said.
Reuters recently reported that ride-sharing firm Grab was planning to merge Lippo-backed Ovo with Dana, owned by publicly listed media conglomerate PT Elang Mahkota Teknologi and Alibaba's Ant Financial.
The merger would give the Ovo-Dana duo heft in the country’s digital payment system sector and allow them to build dominance over homegrown ride-hailing platform Gojek’s own payment system, Go-Pay.
According to Kontan, Ovo currently holds the biggest market share of 37 percent in terms of transaction value. Despite having the biggest number of users in the country, Go-Pay only holds 17 percent market share while Dana holds 10 percent.