PT OVO Finance Business License Revoked by OJK

OVO finance business

The Financial Services Authority (OJK) revoked the business license of PT OVO Finance Indonesia as of October 19, 2021. This is stated in the Decision of the Board of Commissioners of the Financial Services Authority Number KEP-110/D.05/2021.
OJK asked to complete rights and obligations and provide clear information to debtors, creditors, and other funders.

In addition, OJK also asked companies to provide information centers and customer complaints internally.

The revocation of OFI’s business license had caused confusion among the public who used OVO electronic money (e-money). They are worried that this will affect their e-money balance in OVO digital wallet.

However, OJK ensures that PT OVO Finance Indonesia (OFI) is different from the OVO electronic money service owned by PT Visionet Internasional.

OJK Spokesperson Sekar Putih Djarot explained, PT Visionet Internasional as the provider of OVO electronic money services operates under the permission and supervision of Bank Indonesia (BI).

OVO Finance is an entity engaged in financing or multi-finance under PT OVO Finance Indonesia (OFI). Meanwhile, OVO electronic money that has been used by the public is an e-money service under PT Visionet Internasional.

source: cnn, kompas