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From under $1: Indonesia's Ovo rolls out new investment product

Unicorn and Bareksa target the young in digital and online 'first' for country

Users of new investment platform Manulife Ovo Bareksa Likuid can instantly liquidate their investment and convert it into Ovo Cash. (Photo by Dimas Ardian)

JAKARTA -- Indonesian e-wallet unicorn Ovo and mutual fund platform Bareksa have teamed up to launch a new investment product allowing small savers to buy funds for as low as 10,000 rupiah ($0.71) from their app.

Karaniya Dharmasaputra, Ovo's president director who is also co-founder and CEO of Bareksa, said that the aim is to increase financial inclusion and encourage more Indonesians, especially the younger generation, to start investing. Combining digital money and online investment is "a first in Indonesia," he said. "We have seen with the integration of Alipay and Yu'e Bao in China that it resulted in massive mutual fund investments among Chinese millennials."

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