July 5, 2018 / 9:07 AM / in 14 days

UPDATE 1-Indonesia's OVO platform to start peer-to-peer lending in Q4 - head

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By Cindy Silviana

JAKARTA, July 5 (Reuters) - Indonesian conglomerate Lippo Group’s payment platform OVO plans to start peer-to-peer lending in the fourth quarter of 2018, its head said on Thursday.

“We are in the process of getting our permits from (Indonesian financial regulators) OJK,” OVO President Director Adrian Suherman told media.

OVO will also expand its business to QR code payment systems, he said.

“OVO’s strategy is to enter the financial services sector, by providing peer-to-peer lending, savings accounts, and insurance services because banking penetration remains very small in Indonesia,” Suherman told Reuters.

“Only 36 percent of Indonesians have bank accounts,” he noted, adding that 60 million users had already downloaded OVO.

OVO operates as part of PT Visionet International, a subsidiary of Lippo. (Reporting by Cindy Silviana; writing by Fanny Potkin, Editing by Subhranshu Sahu and Gopakumar Warrier)

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