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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Friends' Famous Central Perk Sofa Is Traveling Around the World: Here's How to Grab a SeatFriends' famous Central Perk sofa is traveling around the world: Here's how to grab a seat
Read more »
Everyone Will Be Wearing Western Boots For Fall 2019, So Grab One of These 22 Pairs NowDo you own a pair of Western boots yet?
Read more »
Want to Strengthen Your Glutes? Grab a Kettlebell and Try These Trainers' 6 Intense MovesWant to really feel the burn in your glutes? Grab a kettlebell. These trainer-approved moves will help you strengthen all the muscles in your butt.
Read more »
Exclusive: Repsol in advanced talks to buy Exxon assets in Gulf of Mexico - sourcesSpanish oil giant Repsol SA is in advanced talks to acquire some deepwater asset...
Read more »
Exclusive: Germany mulls shadow budget to circumvent strict debt rules: sourcesGermany is considering the creation of a 'shadow budget' that would en...
Read more »
Exclusive: Saudi plans gradual listing at home for Aramco: sourcesSaudi Arabia plans to list 1% of state oil giant Saudi Aramco on the Riyadh stoc...
Read more »