UOB Indonesia Launches TMRW, its Digital Bank, OVO Now Claims it’s the Country’s Largest Fintech Service Ecosystem

UOB Indonesia has introduced TMRW, its virtual bank to serve the local market as part of its strategy to accelerate growth of its business operations in the region. The launch of the digital bank has come after UOB established its business in Thailand in 2019.

UOB is well-known for developing a game, called the City of TMRW, where customers are able to create a virtual city whenever they save money. When users begin to move up to higher levels in the game, they are able to unlock different options that enhance their virtual city.

UOB noted that the bank’s account opening process is user-friendly, intuitive, quick and secure. Users’ IDs are verified through a video call with a customer representative. The company claims that the account opening process may be completed within minutes.

TMRW supports Quick Response (QR) payments, which allow customers to make fast and convenient payments to approved merchants and sellers by simply scanning QR codes associated with products they want to purchase. UOB aims to support Indonesia’s national non-cash movement (Gerakan Nasional Non-Tunai) using the QR Code Indonesian Standard (QRIS).

Kevin Lam, President Director of UOB Indonesia, stated:

“The next generation of Indonesia’s changemakers are mobile and want on-the-go digital services that enable them to achieve their aspirations. With TMRW, we hope to help them meet their financial goals and to support them as they build a better tomorrow.”

Fintech adoption in Indonesia is on the rise, due to the COVID-19 outbreak. The pandemic has accelerated the shift towards digital platforms and services.

OVO has established a widely-used payment platform in Indonesia. OVO has reportedly become one of the largest integrated digital ecosystems in the country, according to Karaniya Dharmasaptura, the president director at OVO.

Backed with investments from Lippo, OVO launched its operations in 2017. The company offers peer to peer (P2P) lending services, investment, insurance, credit scoring, and multifinance products.

In statements shared with the Beritasatu Media Holdings editorial team, Karaniya claimed:

“Within three years, we have grown to become the largest Fintech service ecosystem in Indonesia.” 

The company’s app provides P2P lending services with Taralite which has managed to acquire an operational license from the Financial Services Authority (OJK), which is Indonesia’s financial regulator. OVO customers may invest in mutual funds, government backed securities and the gold bullion.

Sinta Setyaningsih, the public relations head at OVO, remarked:

“Almost 30 percent of OVO users are unbanked. They usually top up their OVO credits through Grab drivers, not bank transactions. These people did not have a bank account, but they are comfortable using OVO.”

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