Digital payment services company OVO has change into Indonesia’s fifth unicorn and is now valued at over $1 billion, in accordance with Indonesian Minister of Communications and Information Rudiantara. This would bring the variety of unicorns in Indonesia to 5, with e-commerce company Bukalapak becoming the most recent to hitch the club. Although Thompson didn’t provide an in depth valuation of the corporate, CB Information reported that it was USD 2.9 billion.
Ovo began as a shopping center loyalty app owned by Indonesian conglomerate Lippo Group after which expanded significantly as an e-wallet. According to Bank Indonesia, Ovo is currently the preferred digital payment system in Indonesia based on transaction value. In the primary half of 2019, the corporate processed transactions price 56.1 trillion rupees (roughly $4 billion).
Thompson hailed the partnership with giants Grab and Tokopedia as a turning point in Ovo’s development. As a part of its broader vision to advance financial inclusion within the country, the corporate has expanded into financial services.
Source: The Straits Times | Technology in Asia
