OVO, one of the leading digital payment and financial service platforms in Indonesia, launched its first fixed income product on its application.
The launch is in collaboration with Bareksa and Bahana TCW Investment Management, which is the second-largest asset management company in Indonesia.
Bahana MES Syariah Fund Kelas O is the latest addition to a range of affordably priced digital financial offerings on the OVO platform.
It is offered exclusively on the app as part of the OVO’s investment vertical. They are available with a low minimum buy-in of IDR 10,000 ($0.70) and seamless buy-in using OVO’s payment capability.
David Sondakh, SVP Investments OVO, said they have successfully established themselves in the investment space with a number of well-received products.
“By enabling users to invest seamlessly on their handphones and setting the minimum investment threshold to one of the lowest in the industry at just IDR 10,000, – (S$1 or $0.70), OVO has been able to effectively reach out to users and empower them to invest, in line with OVO’s commitment to making financial services more accessible to the Indonesian people,” Sondakh said in a statement.
In line with OVO’s objective of tailoring products to users’ lifestyles and objectives, the Bahana MES Syariah Fund Kelas O is further designed to appeal to Indonesia’s large Muslim population.
Being the most commonly used digital wallet in Indonesia, OVO is well placed to drive grassroots investment penetration by leveraging its national payment platform.
As of September 2021, the Indonesia Central Securities Depository said only 3.4% or 5.78 million Indonesians out of the country’s 170-million population were invested in the capital market.
Sondakh added that they are always open to collaborating with partners to come up with “innovative financial solutions” for their users.
Since branching out into financial services, OVO has also rolled out several affordable digital financial products and offers with partners such as Manulife Asset Manajemen Indonesia.
This is a collaboration with Adira Finance as a subsidiary of Bank Danamon and part of the global financial group MUFG, a tie-up with Bank BRI, the largest State-Owned bank in Indonesia, and more.