Multifinance Danasupra's "Digital Tunai Kita" Platform Will Soon Be Acquired

Finance company Danasupra Erapacific (Danapac) announces acquisition of startup p2p loans Digital Tunai Kita (DTK) in order to realize its ambition in reducing bad loans in the distribution of financing through technology.

President Director of Danapac Odang Muchtar said that the company is in the process of due diligence on the sale and purchase agreement of DTK shares which is still in progress. Danatrac has signed a Conditional Share Purchase Agreement (PJBSB) to buy DTK shares from Kresna Usaha Kreatif (KUK), a subsidiary of Kresna Graha Investama, and JAS Kapital on March 6, 2018. It is predicted that the finalization of the transaction will be completed in May 2018.

"As listed company"The company will always comply with all applicable laws and regulations and uphold the principles of GCG and prudence in order to create maximum and sustainable added value for the company's stakeholders," he said as quoted from the disclosure of information on the Indonesia Stock Exchange, Thursday. (15/3).

According to Odang, the plan to utilize the latest technology is one of the company's main strategies to strengthen its position as a leading finance company. Moreover, technology lending robots owned by DTK is considered important to assist the company, especially in terms of the process modernization process credit underwriting and management of bad loans based on credit analysis in terms of credit applicant behavior.

"Investing in DTK is one of the steps taken by the company to accelerate technology adoption and always stay one step ahead of its competitors in the market, not only in terms of increasing customer satisfaction but also in strengthening the company's risk management system," he continued.

However, when contacted separately by DailySocial to be asked for further comments, both Kresna Graha Investama and DTK refused to provide a statement. "Can't comment on this one [the acquisition of DTK]," explained Managing Director of Kresna Graha Investama Surjandy Jahja and COO Andry Huzain, in unison.

For information, Kresna Graha is connected with DTK and Danapac through share ownership invested in the two companies. Within DTK, there are three shareholders, namely KUK, JAS Kapital, and WeCash, a Chinese startup that operates as a provider of big data and machine learning for consumer credit evaluation and co-underwrote.

The three shareholders above have direct or indirect affiliations with Kresna Graha. Although the percentage of shares owned by each company is not yet known.

Not only that, as of the third quarter of 2017, Kresna Graha has a 9,71% stake in Danapac. And Kresna Graha's subsidiaries such as Kresna Life Insurance (11,33%) and Kresna Mitra Insurance (8,18%) are also shareholders of Danapac. So Danapac is affiliated with the Kresna Group.

Our Digital Cash Business Performance

DTK has been registered with OJK since August 24, 2017, is a startup engaged in the p2p loans by utilizing a combination of financial principles, technology mobile, big data, and machine learning to produce lending robots. For funders, the technology is used to evaluate consumer creditworthiness, prevent fraud, and approve loan applications.

In its business model, DTK works closely with finance and banking to make it easier for consumers to access credit without collateral, to finance the purchase of goods, and to significantly reduce bad debts.

Currently, DTK offers cash installment loans ranging from Rp. 4 million to Rp. 20 million which can be paid in installments with a tenor of 3-6 months. Other products for short-term loans range from IDR 1 million to IDR 5 million with a flexible tenor of 10-30 days.