Who Owns Ovo Finance Financing Services?

OJK yesterday announced the revocation of the business license of the Financing Company "PT OVO Finance Indonesia (OFI)" due to dissolution of the company through the resolution of the GMS. Existence brand OVO in the name of the business entity made the public excited and immediately connected it to the OVO digital payment platform (PT Visionet Internasional).

The two companies do have different businesses. Permissions are different too. OVO that provides payment services is registered as a licensee e-money from Bank Indonesia.

In his clarification, the President Director of OVO Karaniya Dharmasaputra said, "We confirm that OFI has no connection whatsoever and is not part of the OVO electronic money group of companies. OFI is neither a subsidiary nor subsidiaries from the OVO group of electronic money companies. So that the revocation of the license by the OJK has absolutely no effect on all business lines in the OVO electronic money business activity."

Company structure

PT OFI, according to public data as of 2020, is owned by Japanese finance companies Tokyo Century Corp (60%) and Lippo Group through PT Ciptadana Capital (40%). OFI obtained a financing license from OJK in 2019.

On the other hand, PT Visionet Internasional (OVO) shares are wholly owned by PT Bumi Cakrawala Perkasa (OVO Group). OVO Group owned by several companies, including the Lippo Group and Tokyo Century Corp, although they are now controlled by a majority Grab.

In terms of service, there is no integration between OVO and OVO Finance - as stated in an official statement. Nonetheless, both have the same affiliation with Japan's Lippo Group and Tokyo Century Corp.

For finance companies, OVO Group already has Taralite (PT Indonusa Bara Sejahtera) -- a startup fintech focusing on the productive lending sector (and paylater) which was acquired in 2018.

"OJK revoked the business license of PT OVO Finance Indonesia, which is a finance company. The company is a different entity from the OVO platform (PT Visionet Internasional) which is an electronic money provider under the supervision of Bank Indonesia. the basis for the decision of the owner of the company is due to considerations of external and internal factors," explained OJK spokesman Sekar Djarot.