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OVO (payment service)

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OVO, officially a product of PT Visionet International, is a digital payment service based in Jakarta, Indonesia. It was established in 2017 with an e-money license from Bank Indonesia,[1] and in 2019 was Indonesia's top digital payment service.[2] Owned by Grab and local investors,[3] in 2019, OVO became Indonesia's first finance-tech business unicorn.[1]

PT Visionet Internasional
OVO
Industry
Founded25 September 2017; 7 years ago (2017-09-25)
FoundersLippo Group
Headquarters
Jakarta, Indonesia
Number of locations
Indonesia
Key people
Jaygan Fu Ponnudurai, Karaniya Dharmasaputra
OwnerGrab (90%), remainder local investors
Websitewww.ovo.id

History

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OVO was founded by Lippo Group and received permission to operate as a fintech company throughout Indonesia on 25 September 2017 with an e-money license for Bank Indonesia.[4] OVO is a product of PT Visionet International, which is the digital financial services subsidiary of the Lippo Group.[5] OVO debuted a digital wallet in September of 2017.[6] In December 2017, it was announced that Tokyo Century Corporation had invested US$116 million for a 20% stake in the startup.[7] OVO added new financial services in 2018[6] and Grab invested in the company.[8]

In March 2019, Indonesian e-commerce company Tokopedia invested in OVO.[9] That month, OVO's value was estimated at US$2.9 billion by CB Insights.[5] In October 2019, the Minister of Communications and Information Rudiantara announced that OVO had become the fifth official Indonesian unicorn[5] after Gojek, Traveloka, Bukalapak and Tokopedia.[3] OVO was also recognized as Indonesia's first finance-tech business unicorn.[1] PT Visionet International shareholders appointed Karaniya Dharmasaputra as president director of the company in 2019, replacing Andrian Suherman, who had led OVO for three years.[6] In 2021, Grab increased its stake in OVO to 79.5%, acquiring Tokopedia and Lippo Group's shares together with a number of local investors.

In October of 2021, Grab bought out Tokopedia and raised its stake in OVO to 90% in the process, also buying stakes from Lippo Group.[10] Dyak NK Makhijani became President Commissioner at PT Visionet International in August of 2022, after Mirza Adityaswara left the OVO board of commissioners. At that time, 90% of OVO was owned by Grab.[11]

Products and services

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OVO's core business is digital payment based on its e-money license. According to a 2021 report by research company Kadence International, at the time OVO was the leading e-money / digital wallet in Indonesia[12][13][14] for both online and offline transactions.

Also involved in financial services, OVO offers lending services through Taralite (PT Indonusa Nusa Sejahtera), a P2P lending company that it acquired in 2019,[15] as well as investment products under OVO | Invest and insurance products under OVO | Proteksi in collaboration with partners.[16]

OVO works with companies for these financial services products such as Adira Finance (a member of MUFJ Group),[17] Bank BRI,[18] Manulife Aset Manajemen Indonesia,[19] and Prudential Indonesia.[20]

See also

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References

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  1. ^ a b c Media, Liputan (4 October 2019). "Ovo Jadi Unicorn Kelima, Rudiantara Sebut Sesuai Target 2019". Ditjen Aptika (in Indonesian). Jakarta: CNN Indonesia. Retrieved 12 November 2021.
  2. ^ "Ovo confirms unicorn status". Tech in Asia. Retrieved 14 November 2019.
  3. ^ a b Potkin, Fanny. "Grab to Take Majority Stake in Indonesia's OVO". NASDAQ. Singapore: Reuters. Retrieved 12 November 2021.
  4. ^ Ping, Foo Boon (15 August 2019). "OVO's Thompson: "We're moving forward from payments into financial services"". The Asian Banker. Retrieved 14 November 2019.
  5. ^ a b c "Digital payment service firm OVO is Indonesia's fifth unicorn, minister says". the Straits Times. 9 October 2019.
  6. ^ a b c "E-Wallet OVO Punya Bos Baru, Siapa Itu?". CNBC Indonesia. 19 September 2019.
  7. ^ "The 2020 Indonesian E-wallet Race". M2 Insights. Retrieved 25 April 2020.
  8. ^ Reyes, Jean (14 November 2018). "Report: Grab invests in Indonesian payment platform to take on Go-Jek". www.spglobal.com. Retrieved 12 November 2021.
  9. ^ Maulani, Anisa (15 March 2019). "Tokopedia reportedly invests in e-wallet platform OVO". E27.
  10. ^ Lee, Yoolim; Ho, Yudith; Baigorri, Manuel (4 October 2021). "Grab Raises Stake in E-Wallet Ovo to 90%, Buys Out Tokopedia". Bloomberg.com.
  11. ^ Gosta, Demis Rizky (6 August 2022). "Eks Petinggi Bank Indonesia Jadi Presiden Komisaris OVO". CNBC Indonesia.
  12. ^ "The 2021 Mobile Wallets Report from Boku". boku.mobilewallet.report. Retrieved 12 November 2021.
  13. ^ Sari, Ferrika (24 February 2021). Laoli, Noverius (ed.). "Riset UBS Global ungkap OVO kuasai 30% transaksi pembayaran digital di Indonesia". kontan.co.id (in Indonesian). Jakarta: Grahanusa Mediatama. Retrieved 12 November 2021.
  14. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 12 November 2021.
  15. ^ Singh, Pooja (28 March 2019). "How Ovo Has Grown to be Indonesia's Largest Digital Payments Platform". Entrepreneur.
  16. ^ "Prudential and OVO forge strategic partnership in Indonesia". www.prudentialplc.com. Retrieved 19 June 2023.
  17. ^ Rahardyan, Aziz (17 June 2021). "Adira Finance Gandeng OVO, Bisa Beli Motor Cicilan Ringan Langsung dari Aplikasi | Finansial". Bisnis.com (in Indonesian). Retrieved 12 November 2021.
  18. ^ Safuroh, Faidah Umu. "BRI dan OVO Hadirkan Aplikasi Pinjaman Modal Digital bagi UMKM". detikfinance (in Indonesian). Jakarta: detikcom. Retrieved 12 November 2021.
  19. ^ "Tech in Asia Indonesia - Komunitas Online Startup di Asia". id.techinasia.com. Retrieved 12 November 2021.
  20. ^ "Prudential Corporation Asia website". www.prudentialcorporation-asia.com. Retrieved 12 November 2021.
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