It’s raining payments space partnerships and deals in Indonesia, southeast Asia’s largest market.
The latest to enter the payments space, Lippo Group’s Ovo.id, an e-money transfer company, has partnered with GrabPay’s electronic money in a partnership aimed to ramp up their position in the market.
“We’ve formed a co-branding partnership with OVO. GrabPay, Grab’s in-app cashless feature, is now rebranded as ‘GrabPay, powered by OVO’. As part of this co-branding partnership, we are now focused on leveraging each others’ technology expertise and partner networks to co-develop the mobile payments platform that caters best to consumer needs of convenience, value and security. It’s a commercial co-branding partnership and we will continue to deepen the partnership in future,” according to a Grab spokesperson.
Industry sources have told this portal that an equity investment of a sizable amount between both parties, Ovo and GrabPay, could also be in the works.
The partnership coincides with GrabPay rival Go-Jek, Indonesia’s largest ride-hailing service, announcing deals to acquire three local fintech companies to further beef up its formidable payments arm.
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