Southeast Asia’s super app Grab is moving even further into the payment solutions space this week. The company has more than doubled its stake in e-wallet app OVO.
Grab’s stake in Bumi Cakrawala Perkasa, OVO’s parent company, has gone from 39% to 90%. Currently, the remaining 10% of OVO is split equally between two firms, IDE Teknologi Indonesia and Cakra Finansindo Investama, which both claim a 5% stake.
“We are pleased to complete the first part of a wider exercise to restructure our ownership. We welcome a greater commitment from Grab,” said an OVO spokesperson. “We’re working in close consultation with the regulators to complete the ownership restructuring process, and are confident this will allow us to better serve the financial services needs of Indonesians.”
OVO was launched as a corporate rewards system for Lippo Group and in 2017 expanded to e-payments. According to data released last year from Bank Indonesia, OVO processed 37% of all digital wallet transactions in Indonesia, marking the largest share in the nation.
According to Nikkei Asia, Grab will likely bring more Indonesia-based investors to acquire stakes in OVO. That is because the region’s central bank, Bank Indonesia, stipulates that at least 15% of e-payment operators needs to be locally owned. Nikkei Asia cited local media conglomerate Elang Mahkota Teknologi as a potential candidate for the purchase.
To date, Grab has acquired three companies, including B2B2C wealthtech provider Bento, mobile payments solutions provider iKaaz, and ecommerce solutions company Kudo.
After launching as a ride-hailing company, Grab has expanded to offer a wide variety of products and services (hence its classification as a super app). The Southeast Asia-based company now serves consumers, merchants, and drivers with deliveries, financial services, a hotel-booking tool, payment processing and rewards, business financing, and more.
Photo by Jason Miraples on Unsplash
Southeast Asia’s tremendous app Seize is shifting even additional into the cost options area this week. The corporate has greater than doubled its stake in e-wallet app OVO.
Seize’s stake in Bumi Cakrawala Perkasa, OVO’s mother or father firm, has gone from 39% to 90%. At the moment, the remaining 10% of OVO is break up equally between two corporations, IDE Teknologi Indonesia and Cakra Finansindo Investama, which each declare a 5% stake.
“We’re happy to finish the primary a part of a wider train to restructure our possession. We welcome a better dedication from Seize,” mentioned an OVO spokesperson. “We’re working in shut session with the regulators to finish the possession restructuring course of, and are assured this can permit us to higher serve the monetary providers wants of Indonesians.”
OVO was launched as a company rewards system for Lippo Group and in 2017 expanded to e-payments. In response to information launched final 12 months from Financial institution Indonesia, OVO processed 37% of all digital pockets transactions in Indonesia, marking the biggest share within the nation.
In response to Nikkei Asia, Seize will seemingly carry extra Indonesia-based buyers to accumulate stakes in OVO. That’s as a result of the area’s central financial institution, Financial institution Indonesia, stipulates that at the very least 15% of e-payment operators must be domestically owned. Nikkei Asia cited native media conglomerate Elang Mahkota Teknologi as a possible candidate for the acquisition.
So far, Seize has acquired three firms, together with B2B2C wealthtech supplier Bento, cellular funds options supplier iKaaz, and ecommerce options firm Kudo.
After launching as a ride-hailing firm, Seize has expanded to supply all kinds of services and products (therefore its classification as a brilliant app). The Southeast Asia-based firm now serves customers, retailers, and drivers with deliveries, monetary providers, a hotel-booking software, cost processing and rewards, enterprise financing, and extra.
Photograph by Jason Miraples on Unsplash