SoftBank-backed ride hailer Grab is in talks to merge OVO, an Indonesian digital...
JAKARTA - SoftBank-backed ride hailer Grab is in talks to merge OVO, an Indonesian digital payments firm in which it owns shares, with an Ant Financial-backed local peer to build heft and power ahead of archrival Gojek, people familiar with the matter said.
It could help OVO-DANA dominate Gojek in Indonesia’s multi-billion dollar online payments market. OVO and Gojek have been vying for the top spot in payments since 2018, with DANA not far behind. The overall structure of the deal would need to be negotiated with the country’s central bank due to foreign ownership restrictions, the sources said.
SoftBank, Grab’s biggest shareholder, supports the proposal, sources said. The plan was discussed with top Indonesian officials when the Japanese investment firm’s CEO Masayoshi Son visited Jakarta in July, a source with knowledge of those discussions said.
Companies find the Indonesian market for digital payments promising. More than half of Indonesians don’t have bank accounts, and they increasingly use smartphones for transactions.
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