Ovo Starts Introducing Other Derivative Products With Taralite

Ovo begins to introduce two products fintech new to the public, namely Ovo Talangan Siaga and Ovo Dana Tara. Both are derivative products released with Taralite and has not been officially launched yet.

Director of Enterprise Payment Ovo Harianto Gunawan explained, these two products have different segments compared to Ovo PayLater which is more directed to individual consumptive needs. He is still reluctant to reveal details regarding this product because it is still in the form of a teaser and not sure when it will be officially inaugurated.

"We are working with Taralite to release a loan product because Ovo is an channel seller. So every collaboration [with other companies] will definitely tell with whom. We gave the [Ovo] platform to businesses so that they can do transactions," he explained on the sidelines of the 2019 Indonesia Fintech Summit & Expo, yesterday (23/9).

DailySocial do a search on these two products. Ovo bailout standby is a special short term loan for driver partners Grabcar. This loan is intended for sudden needs of daily operational costs and partners' personal needs.

The requirement is that the driver-partner has joined at least GrabCar for at least three months and actively driving for the last three months. They are also required to have non-incentive driving income of at least IDR 1 million per week.

There is a special application called DAX App released Grab to process loan applications. This product trial has only been carried out for partners who are domiciled in Jabodetabek and Medan. Only partners get notifications from Grab who can take advantage of this service.

The nominal funds they can apply for start from Rp. 500 thousand to 1 million, with a choice of a tenor of 15 days or 30 days. The late fee per day is IDR 2.500.

While, Ovo Dana Tara is a small and medium business capital loan provided specifically for merchant which sells on Tokopedia. The amount they can apply for starts from Rp. 2 million to Rp. 1 billion, depending on business needs.

The loan tenor that you can choose is 3, 6, or 12 months and the interest starts from 0,99%-1,59% per month. Merchant just simply upload your KTP and KK if you are interested in applying. If the verification process is smooth, within 1-5 days the merchant will be notified whether it is approved or not.

Respond to rumors

At the same time, Harianto was also asked about various rumors, whether it was about the impetus for a merger with Dana, to become a unicorn fifth in Indonesia, and the acquisition of Bareksa.

"We don't talk about rumours," he said when asked about funds.

He said his company only focuses on consumer needs, what consumers use from waking up until returning home. "That we mapped one by one and we generate."

He also responded to questions about consolidation fintech future payments. According to him, this industry is still too young, unlike the banking industry that has been operating for decades. Therefore, he wants to look ahead fintech What will the future payments be like?

After that, Harianto also responded to the news of the acquisition of Bareksa after the announcement of Bareksa CEO Karaniya Dharmasaputra who now holds concurrent positions as President Director Ovo. He emphasized that the relationship between Ovo and Bareksa is a strategic partnership.

"It's not like being a part of Ovo family [should] be acquired."

After all, Ovo in the application already has the investment service Ovo Invest, although still beta. The presence of Bareksa is expected to bring product innovation much more developed, in line with Ovo's efforts in educating the public in knowing more about financial products.

Harianto also responded to the news of Ovo's status, which now has sebagai unicorn. He stated that this is an issue of speculation.

It is said that currently Ovo has 500 thousand merchant as of August 2019 in 354 cities throughout Indonesia. From this number of merchants, about 300 thousand of them are SMEs. Ovo services have been installed on 115 million smartphone devices and can be used to access payments, transfers, top ups, withdraw funds, asset management and investments.