OVO president director Karaniya Dharmasaputra said the company offered Mirza the position of president commissioner as it sought to become a “strategic national asset".

OVO, which began operations in 2017 and is backed by Lippo Group and Grab, became the country’s fifth unicorn in October last year. According to New York market intelligence firm CB Insights, the valuation of OVO was recorded at $2.9 billion as of March of 2019.

“I accept the offer because one of President Joko ‘Jokowi’ Widodo’s goals is to accelerate the growth of our digital economy. I want to learn and contribute more toward the development of our country’s digital economy,” Mirza told reporters.

 

He added that he would focus on maintaining a balance amid innovations in the industry. 

“We have to strike a balance between consumer protection, antimoney laundering regulations and the industry’s model of innovation,” he said.

Read also: Digital payments boost financial inclusion in 2019

The compound annual growth rate (CAGR) of digital payments in Southeast Asia is expected to be 10 percent and the sector is expected to reach $1.1 trillion in value by 2025, according to the the e-Conomy SEA 2019 report by Google, Temasek and Bain & Company. Accounting for just over $22 billion in 2019, e-wallets are likely to grow more than five-fold and exceed $114 billion by 2025, the study finds.

Mirza served as the central bank’s deputy governor from 2013 to 2019 under the leadership of BI Governor Agus Martowardojo and Perry Warjiyo. A renowned economist with experience, from Bank Mandiri economist to the Deposit Insurance Corporation (LPS) chairman, he also currently serves as a member of Finance Minister Sri Mulyani Indrawati’s expert staff team, focusing on financial services. (mpr)