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Singapore's Grab Takes Majority Stake in Indonesia e-Wallet OVO

Singapore's Grab Takes Majority Stake in Indonesia e-Wallet OVO

Southeast Asian ride-hailing and payments firm Grab will more than double its stake in Indonesian e-wallet OVO to 90%, the Indonesian firm said on Monday, pending approval from regulators.

Three sources with knowledge of the deal told Reuters that Grab had purchased the stakes of Indonesian conglomerate Lippo, which launched OVO, and e-commerce platform Tokopedia.

Sinagpore-based Grab's stake will expand from 39% currently, according to a regulatory filing submitted to Indonesian authorities, in what is the first phase of its restructuring.

"We welcome a greater commitment from Grab in OVO. We're working in close consultation with the regulators to complete the ownership restructuring process," OVO said in a statement.

OVO is one of Indonesia's biggest e-wallets. As of 2019, it was valued at $2.9 billion and had been downloaded more than 100 million times.

Indonesia's booming digital economy is expected to grow to $124 billion by 2025, according to a 2020 study by Google, Temasek Holdings and Bain & Company.

Keterangan Gambar (© Pemilik Gambar)

Half of the country's population of 270 million lack bank accounts but most now have mobile phones.

Tokopedia is finalising its own merger with Grab rival Gojek to form GoTo.

Gojek operates its own e-wallet, GoPay.

As regulations require Indonesian firms to own stakes in only one e-wallet at a time, the deal is expected to clear the way for GoTo's merger.

"This transaction has been planned for some time and will allow us to continue to focus on further deepening the market-leading strategy of GoPay," GoTo said in a statement.

Akhyari Hananto

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to More understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy Less
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