OVO (payment service)

Last updated

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

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]

Contents

History

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

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

  1. 1 2 3 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. 1 2 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. 1 2 3 "Digital payment service firm OVO is Indonesia's fifth unicorn, minister says". the Straits Times. 9 October 2019.
  6. 1 2 3 "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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