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Tokyo Century raises investment in Indonesian e-money company

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Tokyo Century raises investment in Indonesian e-money company

Tokyo Century Corp. has raised its stake in Indonesian conglomerate Lippo Group's electronic money and point services company, PT Bumi Cakrawala Perkasa, resulting in an aggregate investment of around US$116 million.

Bumi Cakrawala Perkasa's smartphone-based e-cash business, OVO, allows users to shop with electronic cash and accumulate points. Tokyo Century will offer its know-how in order to determine OVO users' creditworthiness through an analysis of their e-cash usage and shopping habits, The Nikkei reported Dec. 26.

The two parties will also set up a consumer loan joint venture by March 2018, the report said.

Tokyo Century and Lippo first struck a partnership to cooperate in the digital and fintech businesses in late 2016. Tokyo Century also holds a 20% stake in PT Big Ecommerce Bersama, a Lippo e-commerce unit, according to a same-day statement.

About 40% of Indonesians have a bank account and less than 10% hold a credit card, despite its large population of 260 million, which makes it a prime market for the use of e-money through mobile phones, Tokyo Century said.