Indonesia's OVO narrows losses, but new norms will make it tougher to rely on Grab

Indonesia's OVO narrows losses, but new norms will make it tougher to rely on Grab

Early backers of Indonesia's first digital wallet unicorn OVO have left the company as Southeast Asia ride-hailing and fintech takes over.

Indonesian e-wallet OVO reported healthier financial numbers in 2020, but it faces headwinds as new norms on foreign investors’ voting rights and shareholding may make it more difficult to rely on a capital infusion from Grab.

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