J Trust Bank Launches E-Money Using DAM Corp Platform

DAM Corp, a fintech enabler company, announces the latest partnership with J Trust Bank for e-money launching. DAM Corp will act as a technology developer partner and advisor for J Trust Bank.

A partnership between the two is marked by the MoU signing which took place on August 1, 2018. Later, customers of J Trust Bank can download the server-based e-money via Play Store and App Store.

"In terms of principle, we provide a white label platform for J Trust to develop e-money, as we do with Mandiri e-cash. For the product's name, we give J Trust the freedom to choose the name for their e-money," Fanny Verona, DAM Corp's Managing Director, said to DailySocial.

J Trust Bank will use DAM Corp's e-money platform to create their e-money products as necessary.

Regarding e-money license submission, DAM Corp will act as an advisor to the J Trust Bank for any required documents in order to smoothen the process.

"In fact, we don't have the e-money license from BI, J Trust's Bank will be the one to submit. It's indeed using our platform, and acceptable to BI regulations."

Bank J Trust is not the only partner that uses DAM Corp's e-money platform. Previously, there was Bank Mandiri for Mandiri e-cash products, LINE Pay e-cash, AlfaMicro. There are also partners from universities, malls, and SOEs.

"We are aware, to build a comprehensive fintech ecosystem, it can't be through one player. It's necessary to embrace businesses and other fintech companies to create a mature ecosystem and market education," she concluded.

– Original article is in Indonesian, translated by Kristin Siagian