Indonesian digital payment app Ovo appoints new CEO

Details:

• A source with knowledge of the situation told Tech in Asia that Jason Thompson had cordially tendered his resignation prior to Ponnudurai’s appointment.
• Before being appointed as Ovo’s CEO, Ponnudurai had been the chief operating officer and chief commercial officer of payments at the company since 2018.
• Ponnudurai has previously held several executive positions at Grab. The outgoing CEO, Thompson, was also a senior managing director at Grab Financial before joining Ovo as CEO in 2018.

Dive deeper:

• Ovo is ahead of its competitors in Indonesia’s digital payments space when it comes to brand awareness and number of active users.
• However, the company’s pole position is under some pressure after one of its shareholders, Tokopedia, merged with Gojek, which owns Ovo’s competitor, GoPay. The Indonesian central bank’s new cap on foreign shareholder control in consumer-facing payments businesses presents another hurdle for Ovo. (Read more: Indonesia fintech hits hurdle with new rules on foreign control)

This is an updated version of the article that was published 1 hour ago.