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Hello readers,
Don’t put all your eggs in one basket. We’ve heard the saying countless times before – teachers and parents always have it handy. The idiom’s origin is believed to be from Miguel Cervantes’ Don Quixote in the early 1600s.
Yet, more than four centuries later, the phrase is still relevant in society as a quick and easy way to dole out good advice. Ovo would agree. The Indonesian e-wallet has appeared to steadfastly implement this simple yet wise strategy.
Despite counting Tokopedia, one of Indonesia’s top ecommerce platforms, as its biggest driver of transactions, Ovo has cleverly cushioned any drop-off in business due to the merger of Tokopedia and Gojek to form GoTo Group. Ovo has reduced its dependence on Tokopedia by inking partnerships with other marketplaces, including Blibli, Zalora, and Lazada.
However, with Gojek’s solutions, such as GoPay, now hogging the limelight on Tokopedia’s platform, my colleague Jofie Yordan dives in deep to figure out if Ovo can preserve its status as Indonesia’s top e-wallet and if it really even matters, given that financial services are the monetization endgame for e-wallets.
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— Shravanth
The Big Story
Can Ovo, ‘shunned’ by Tokopedia, keep the crown?
While Ovo is still available as a payment option in Tokopedia, it is no longer in the most favorable position. But that may not matter in the long term. Read more.
Trending news
1. Sony to buy Halo game creator for $3.6b
The acquisition will give Sony access to Bungie’s live game services and technological expertise.
2. Canva backer raises $493m for 3 new funds
AirTree will use the funds for investment in early-stage, Web3, and growth-stage startups.
3. India to launch digital rupee by 2023
The country’s finance minister also proposed a 30% tax on proceeds from digital assets.
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