OVO has become more than just a payment platform, but Indonesia's largest integrated digital ecosystem as it enters its third year in September. The Lippo-backed startup first joined the e-money boom in 2017. OVO later expanded to other financial services, including peer-to-peer (P2P) lending, investment, insurance, credit scoring, and multifinance.
The app now offers P2P lending with Taralite which has recently secured license from the Financial Services Authority (OJK). Working with Bareksa - OVO users can invest in a mutual fund, government securities and gold. Corporate bonds and stocks will join the list in the near future.
OVO teamed up with insurance company Prudential to promote insurance inclusion. Those interested can fill the available form. A Prudential agent will then contact them for more details and paper works.
Almost 30 percent of OVO users are unbanked. They usually top up their OVO credits through Grab drivers, not bank transactions. These people did not have a bank account, but they are comfortable using OVO.
Additionally, OVO aims to help micro, small and medium enterprises not only create a sustainable business, but also grow and adapt amid the pandemic. As of now, a whopping 550,000 out of the 600,000 OVO merchants are MSMEs. More initiatives to help out MSMEs will also be launched.
Pre-Employment Card - OVO actively helped the government in preparing the pre-employment card, an unemployment benefits program for laid off workers during the pandemic. The program offers online trainings for job seekers and a platform for social aid distribution. Beneficiaries will receive incentives up to Rp 3.55 million ($242.62) on their OVO account.
Social aid funds have always had issues with the intermediary. With a digital platform, people can easily register. Once they have fulfilled the requirements and considered eligible, the government can immediately top up their OVO account. The program recorded more than 10 million signups.
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