Bukalapak and Standard Chartered Officially Launch Digital Banking Service in Indonesia

Indonesian e-commerce platform Bukalapak and Standard Chartered announced that they have officially launched their digital banking service BukaTabungan. BukaTabungan is now available on Google Play Store and will soon be available on the App Store.

The offering leverages the reach of Bukalapak's all-commerce platform and the technology of nexus, a Banking-as-a-Service (BaaS) solution powered by Standard Chartered.

BukaTabungan, a service within Bukalapak's platform, will offer banking services to its ecosystem of over 110 million users and 20 million business owners. BukaTabungan use advanced automation and security technologies employing artificial intelligence, biometric facial recognition and E-KTP (Indonesia's biometrics-enabled ID programme) validation.

Through offering banking access, BukaTabungan also aims to support the business continuity and development of Micro, Small and Medium Enterprises (MSMEs) who make up 97% of Indonesia's workforce.

Victor Lesmana, President, Commerce and Fintech at Bukalapak said:"BukaTabungan will be an interesting product because now, everyone in Indonesia within all levels of society will be able to access world-class digital banking services seamlessly and securely. Business owners now also have access to financial services to support their business from a reputable financial institution."

Andrew Chia, Cluster CEO, Indonesia and ASEAN Markets (Australia, Brunei, and the Philippines), Standard Chartered said:"We are proud to partner with Bukalapak to launch BukaTabungan, one of Indonesia's first digital banking services, combining Bukalapak's e-commerce ecosystem with Standard Chartered's banking expertise. This partnership will advance the digital banking services landscape and technology ecosystem; particularly through the adoption of nexus, our Banking-as-a-Service solution."

Source: Fintech News Indonesia