Indonesian digital wallet Ovo boosts micro-investment market with new Islamic mutual fund
Digital payments unicorn Ovo has given a boost to the Islamic micro-investment market in Indonesia with its first Islamic mutual fund product whose buy-in starts at 10,000 rupiah ($0.70).
Head of Ovo Invest, Hadibrata Mantik, said in a statement that the Islamic mutual fund will give users more investment options and contribute to national efforts to speed up financial penetration and literacy.
The percentage of Indonesian adults with a bank account rose from 35% in 2016 to 56% in 2018, according to the Financial Inclusion Insights Survey by the Indonesian National Council for Financial Inclusion. Despite the growth, Indonesia still lags behind neighbours such as Malaysia and Thailand.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
