Indonesian Digital Wallet Provider OVO Introduces Shariah Compliant Mutual Fund Product
Indonesia’s digital wallet provider
OVO has introduced a Shariah-compliant mutual fund product, which reportedly offers a fairly low buy-in for a product of its kind (less than $1). It lets investors instantly cash out their funds in real-time.
The
Syariah Syailendra OVO Bareksa Tunai Likuid mutual fund product is being offered via the OVO app with assistance from Indonesia’s fund manager Syailendra Capital and its business partner
Bareksa.
The company’s management noted that by setting the minimum investment threshold to a highly competitive IDR 10,000 (equivalent to SGD 1 or $ 0.70) and enabling investors to easily access their money at any time to conveniently pay for items, OVO has removed major barriers to investing.