Indonesia's leading digital payment and digital financial services platform, OVO, kicks off the nation's first integrated online mutual fund marketplace in collaboration with Bareksa.
Starting this month, users of popular mobile wallet OVO can purchase mutual funds through the Bareksa platform seamlessly, the company said in a statement on Wednesday.
«We are solving the friction in going cashless and bringing financial literacy in Indonesia to a higher level. We believe that seamless integration with Bareksa will drive impact towards consumer adoption of digital financial services and enforce sustainable growth on the OVO platform,» said Jason Thompson, OVO CEO.
Building The Vision
Thompson said the move supports the government’s vision in positioning Indonesia as the largest digital economy power in Southeast Asia. It strives to provide an integrated financial service solution, with the primary focus of providing financial services that can be accessed by all Indonesians.
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. This new partnership is expected to accelerate progress towards the government's financial inclusion target.
Synergize E-Investment Platform
«The partnership with OVO is the first step in Bareksa's big plan to synergize 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 percent are millennials,» explains CEO of Bareksa, Karaniya Dharmasaputra.
«To date, the number of customers registered at Bareksa has reached nearly 800,000 people with managed funds of around 2 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.
Development of Various Financial Services
«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,» said Thompson.
OVO said that its app is downloaded on 115 million devices and can be used to access payments, transfers, top-up, and withdrawals, as well as asset and investment management. It was recognized as Indonesia’s first fintech unicorn within two years of inception, by establishing strategic partnerships with various business lines to build a 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.
