OJK Revokes OFI’s Business License, What About OVO Digital Wallet?

jpnn.com, JAKARTA – The Financial Services Authority (OJK) has officially revoked the business license of PT OVO Finance Indonesia (OFI).

The decision was made through the Decision of the Board of Commissioners of the Financial Services Authority Number KEP-110/D.05/2021 dated October 19, 2021.

However, there is no need to worry, PT OVO Finance Indonesia is clearly different from what we are familiar with with the payment gateway and digital wallet platform, OVO.

PT OVO Finance Indonesia focuses on the financing sector, which is a multi-finance company owned by the Lippo Group.

Meanwhile, OVO is a digital wallet under PT Visionet International which is engaged in payments.

With the revocation of OFI’s business license, the finance company having its address at Lippo Kuningan Building 17th Floor Unit D, Jalan HR. Rasuna Said Jakarta, is no longer allowed to run its business activities.

“With the revocation of the said business license, the company is prohibited from conducting business activities in the field of financing companies,” reads an official statement from OJK signed by the Head of the IKNB 1A Supervision Department as Plh. Deputy Commissioner for Supervision of IKNB I.

According to the OJK, OVO is also required to complete its rights and obligations in accordance with the provisions of applicable law.

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The Financial Services Authority (OJK) has officially revoked the business license of PT OVO Finance Indonesia (OFI), so what about the payment platform and OVO digital wallet?

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