Indonesian digital wallet OVO, has collaborated with financial marketplace Bareksa and Bahana TCW Investment Management to launch its first fixed income product.
The Bahana MES Syariah Fund Kelas O is said to be offered exclusively on the OVO app as part of the e-wallet’s investment vertical.
This is the latest addition to a range of affordably priced digital financial offerings on the OVO platform, all of which are available with a minimum buy-in of IDR 10,000 (US$ 0.70) and seamless buy-in using the e-wallet’s payment capability.
OVO said in a statement that it is well placed to drive grass-roots investment penetration by leveraging its national payment platform.
Since branching out from digital payment into financial services, OVO has rolled out several affordable digital financial products and offers together with partners such as Manulife Asset Manajemen Indonesia, a collaboration with Adira Finance as a subsidiary of Bank Danamon and part of the global financial group MUFG, a tie-up with state-owned Bank BRI and more.
David Sondakh, SVP Investments at OVO said,
“In just ten months, OVO, as a trusted and well-known digital payment platform, has successfully established itself 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, – (SGD$1 or USD$ 0.70), OVO has been able to effectively reach out to users and empower them to invest, in line with OVO’s commitment to make financial services more accessible to the Indonesian people.”