Indonesia digest: OVO-Prudential Indonesia, Warung Pintar-Reckitt, LinkAja-SRC team up

OVO collaboration with Prudential Indonesia, in launching digital sharia insurance product

OVO has partnered with Prudential Indonesia to launch a digital sharia life insurance product; Reckitt has partnered Warung Pintar for access to 500,000 warungs; LinkAja is collaborating with SRC to offer digital payments in stalls.

OVO partners Prudential Indonesia for sharia life insurance

Grab-backed digital wallet OVO has partnered with PT Prudential Life Assurance (Prudential Indonesia) to launch a digital sharia life insurance product — PRUTect Care-Hospital Cash — available on the OVO app.

Besides the basic death benefit it offers daily hospital cash benefit, daily hospital cash (ICU), permanent disability due to total accident benefit, death benefit due to infectious diseases, and death benefit due to accident. Premiums start from around 5,000 rupiah (US$0.34) per month and there is a choice of monthly or yearly payment.

OVO CEO, Jason Thompson, said, the launch of the product marked the firm’s entry into the life insurance and sharia insurance space. “By combining OVO’s strong digital reach and capabilities with Prudential Indonesia’s expertise in insurance, we can make sharia life insurance affordable and accessible for Indonesians, enabling them to protect themselves and their loved ones.”

In early 2020, OVO and Prudential Indonesia collaborated to provide premium-free accident and COVID-19 life insurance. Approximately 222,000 individuals registered for it till May 31, 2020.

Indonesia’s Financial Services Authority (OJK) noted that as of 2020, insurance penetration in Indonesia, which has a population of around 270 million, was less than 4%.

Warung Pintar to partner Reckitt

Indonesian B2B commerce startup Warung Pintar Group has partnered with Reckitt — the maker of Dettol, Vanish, Harpic, and other household products. The collaboration allows Reckitt to gain access to 500,000 warungs (stalls) across Indonesia.

This collaboration initially started as a partnership between Reckitt and Bizzy, which was acquired by Warung Pintar in February 2021. It increased the sales growth of Reckitt’s products to nearly 50,000 small retail businesses across Indonesia.

“Seeing warung’s role and potential as a channel that distributes 74% of goods in Indonesia, we strongly support the digital transformation that Warung Pintar has built for the small business ecosystem, including warungs,” said Rudy Adrian, E-Commerce sales director, Reckitt.

Warung Pintar Group claims that it clocks an average increase of 24% every month in the health and hygiene category.

LinkAja teams up with SRC

LinkAja — the Indonesian state-owned digital wallet backed by the telco PT Telkomsel — is collaborating with the warung chain PT SRC Indonesia Sembilan (SRC) to offer digital payment services in its stalls. All grocery stores incorporated in SRC will be listed as LinkAja merchants.

“The customer can use QR code in stalls which can be accessed through the payment menu in LinkAja. Electricity bills, top-up vouchers, and social protection dues can also be settled in the stalls, so that the merchants can get more income,” Haryati Widjaja, CEO of LinkAja said in the statement.

Per February 2021, more than 66 million registered users joined LinkAja, which can be accessed at one million local merchants, and 350,000 national merchants across Indonesia.

Besides Telkomsel, ride-hailing platforms Grab and Gojek invested in LinkAja in its Series B round, which exceeded $100 million in March 2021. LinkAja also secured funding from other CVCs, such as BRI Ventures and Mandiri Capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.