Ovo, one of Indonesia’s leading digital payment and digital financial services platform kicks off its collaboration with Bareksa, an integrated online mutual fund marketplace. From early February onwards, OVO users can purchase mutual funds through the Bareksa platform seamlessly.

Jason Thompson, OVO CEO stated,

“We are very excited to announce the partnership as we are solving the friction in going cashless and bringing financial literacy in Indonesia to a higher level. We believe that a seamless integration with Bareksa will drive impact towards consumer adoption of digital financial services and enforce sustainable growth on the OVO platform.”

 

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. The parties involved expects this new partnership is expected to accelerate progress towards the government’s financial inclusion target.

Both OVO and Bareksa are also open to exploring the potential for further cooperation and other synergies in order to further improve customer service.

Co-Founder/CEO Bareksa, Karaniya Dharmasaputra explained,

“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% are millennials.”

Karaniya also added that this collaboration is expected to further increase the number of transactions and the value of funds managed by Bareksa in 2020 which is projected to increase twofold compared to last year.

“To date, the number of customers registered at Bareksa has reached nearly 800,000 people with managed funds of around Rp 2 trillion,”

he explained.

Featured image edited based on photo by Gede Suhendra by Unsplash