OVO and Bareksa partner to enable investments for all Indonesians
By Digital News Asia February 6, 2020
- Currently OVO is present at more than 550,000 merchants in Indonesia
- Solving the friction in going cashless and bringing financial literacy to a higher level
OVO, an Indonesian digital payment and digital financial services platform kicks off its collaboration with Bareksa, the nation's first integrated online mutual fund marketplace. From early February onwards, OVO users can purchase mutual funds through the Bareksa platform seamlessly.
OVO chief executive officer Jason Thompson, stated, "We are very excited to announce the partnership as we are solving the friction in going cashless and bringing financial literacy in Indonesia to a higher level. We believe that a seamless integration with Bareksa will drive impact towards consumer adoption of digital financial services and enforce sustainable growth on the OVO platform.”
Jason also highlights OVO's commitment to support the government’s vision in positioning Indonesia as the largest digital economy power in Southeast Asia. As an Indonesian company, OVO strives to provide an integrated financial service solution, with the primary focus of providing financial services that can be accessed by all Indonesians. In addition, OVO also supports people who have not been touched by the convenience of digital financial services.”
The rapid growth in the adoption of digital payments in Indonesia is indicative of an increased level of trust from consumers and players across various industries. As a result, this new partnership is expected to accelerate progress towards the government's financial inclusion target.
Both OVO and Bareksa are also open to exploring the potential for further cooperation and other synergies in order to further improve customer service.
Bareksa co-founder/chief executive officer Bareksa, Karaniya Dharmasaputra explained, "The partnership with OVO is the first step in Bareksa's big plan to synergise the e-investment platform with e-money. By using OVO as a new payment method, customer transactions will be easier and will be the next driving force for national mutual fund penetration. This breakthrough will accommodate the preferences and needs of many Bareksa customers, of which 70% are millennials."
Karaniya also added that this collaboration is expected to further increase the number of transactions and the value of funds managed by Bareksa in 2020 which is projected to increase twofold compared to last year. "To date, the number of customers registered at Bareksa has reached nearly 800,000 people with managed funds of around Rp2 trillion," he explained.
The partnership between OVO and Bareksa provides convenience for Bareksa customers who are also OVO users since payment transaction will be verified automatically. Additionally, Bareksa customers can transact using either or a combination of OVO Cash and OVO points.
Jason also added, "As a business that supports digital finance, OVO has a clear road map and innovation is one of the keys to our strategy. In 2020, we will be focusing on the development of various financial services that are needed by the people of Indonesia, including the demand for investment products, insurance, asset management, and loans."
With its open ecosystem strategy, OVO was recognised as Indonesia’s first fintech unicorn within two years of inception, by continuously establishing strategic partnerships with various business lines to build a holistic digital financial ecosystem.
Currently OVO is present at more than 550,000 merchants in Indonesia, including transportation, e-commerce, hypermarkets, department stores, logistic services, and others. OVO’s growth is expected to accelerate financial inclusion and equitable financial access to support the growth of Indonesia's digital economy.