ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more