DOKU Reportedly Investing in Malaysian Fintech Startup “SenangPay”

DOKU reportedly invests in startups fintech solution provider payment gateway from Malaysia, "SenangPay". According to data sources that have been inputted to the regulator, DOKU injected an initial stage of $1 million (more than 14 billion Rupiah).

When we confirmed further to DOKU, the company representative stated that no confirmation could be given from management regarding the corporate action.

HappyPay itself is a product payment gateway owned by Simplepay Gateway Sdn. Bhd. since 2015. HappyPay has worked as an intermediary that will request payment from the customer's bank card/customer account provider and then credit it to the consumer's bank account.

The business model run by SenangPay has a direct connection with the business being run by DOKU. Previously, on one occasion At the beginning of last year, DOKU management conveyed the contribution made by the business payment gateway dominates by 70% compared to other business pillars, namely DOKU Wallet and remittances and disbursement.

If this information is accurate, then this step is an opportunity for DOKU to enter the regional market, starting from Malaysia. DOKU's capabilities, which tend to have experience in this segment since 2007, are certainly an effective injection for SenangPay in innovating amidst efforts to accelerate payment system adoption. online in the neighboring country.

Xendit has previously taken similar steps, which disbursed strategic investment for similar startups from the Philippines, dragonpay. This action was announced in support of Xendit's efforts after entering the Philippine market in 2010 as their second base of operations after Indonesia.

This equity investment strategy is not the first action taken by DOKU. In notes DailySocial.id, DOKU previously injected funds into Bareksa.

In the report e-Conomy SEA 2021 compiled by Google, Temasek, and Baik, estimates that the value of the digital economy in Southeast Asia will reach $174 billion or around IDR 2.480 trillion in 2021. As much as $70 billion or IDR 997 trillion of which was contributed by Indonesia.

The value of the digital economy in Indonesia grew 49% compared to last year's $70 billion. However, according to this report, if we look at growth, the Philippines is the country with the highest growth at 93%. Then, followed by Thailand 51%, Indonesia 49%, and Malaysia 47%.

Therefore, regional expansion is a realistic step for each company because each country has large room for growth. This opportunity is not only controlled by Indonesia, although in terms of volume it is still held by Indonesia because of its large population.