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Bukalapak and Standard Chartered bring new digital banking service to Indonesia

Bukalapak and Standard Chartered bring new digital banking service to Indonesia

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Bukalapak and Standard Chartered have launched BukaTabungan, a digital banking service that leverages the reach of Bukalapak's all-commerce platform and Nexus technology, which is Standard Chartered's Banking-as-a-Service (BaaS) solution. This launch is a continuation of the previous announcement of the two companies' strategic partnership to launch innovative offerings to advance their focus on digital banking and increase financial inclusion for the underbanked segment in Indonesia.

According to a statement, the collaboration between Bukalapak and Standard Chartered is strengthened by the strong commitment of both parties to a common vision to bridge the gap in financial inclusion and promote sustainable impact in developing country regions.

BukaTabungan, which is offered on the Bukalapak platform, will offer banking services that are inclusive, easy and secure for the Bukalapak ecosystem consisting of more than 110 million users and 20 million business actors. In addition, this service is also supported by a completely digital, face-to-face registration process. Using advanced automation and security technology that uses artificial intelligence (AI), biometric facial recognition, and validation of E-KTP, the process of opening an account at BukaTabungan can be carried out completely without the need for any paper.

Through offering access to banking, BukaTabungan also aims to support business continuity and the development of micro, small and medium enterprises "MSMEs" that constitute 97% of the Indonesian workforce, many of whom still do not have access to formal financing services and are also still recovering from the impact of Covid-19. Bukalapak currently serves 6.8 million vendors, 14.2 million Bukalapak Partners and more than 110 million users throughout Indonesia, most of whom transact outside tier 1 cities. With the presence of BukaTabungan, business owners and the general public will be able to enjoy the convenience of world-class banking services in the palm of their hands, anytime and anywhere.

“BukaTabungan will be an attractive product because now all levels of Indonesian society can access world-class digital banking services easily and safely. Business actors also now have access to financial services to support their businesses from well-known financial institutions. We are very enthusiastic because this is a support for our mission to support the growth of MSMEs in Indonesia and continue to expand financial inclusion across the country. We convey our greatest appreciation to Standard Chartered for their trust and passion for this collaboration," Victor Lesmana, Fintech Bukalpak president & commerce said.

“We are proud to partner with Bukalapak to present BukaTabungan as a digital banking service. This combines Bukalapak's e-commerce ecosystem with banking expertise from Standard Chartered. This partnership will help improve the digital banking services landscape and technology ecosystem, particularly through the adoption of Standard Chartered Nexus Banking-as-a-Service services.

We hope that the services offered by BukaTabungan can be well received by the people of Indonesia to achieve the mission with us is to increase financial inclusion for all Indonesians,” Andrew Chia, cluster CEO, Indonesia & ASEAN Markets (Australia, Brunei, Philippines), Standard Chartered added.

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