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Business deals

Grab takes 90% share in Indonesian digital wallet OVO

Superapp needs partner to skirt rule against foreign majority e-payment stake

Indonesian e-payment service OVO is now under Grab's control. (Source photos by Dimas Ardian and Reuters) 

JAKARTA -- Singapore superapp Grab has taken majority ownership of Indonesian e-payment service OVO, acquiring stakes from Tokopedia and local conglomerate Lippo Group as part of OVO's ownership restructuring.

The move will likely spark further transactions in the Indonesian digital payments industry due to the country's central bank prohibiting foreign majority ownership of an e-payment entity.

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