Indonesian E-Commerce Company Partners with Standard Chartered to Launch Digital Banking Service

October 2022

A digital banking service was launched by an Indonesian e-commerce company called Bukalapak after tying up with Standard Chartered in Indonesia. Its target audience is the country’s underbanked segment and Bukalapak’s users.

According to a statement made on September 5th by the two parties, BukaTabungan will utilize the international banking group’s nexus technology, which is a banking-as-a-service (BaaS) solution. With approval from the Indonesian financial services authority Otoritas Jasa Keuangan (OJK), the digital service will cater to the e-commerce company’s 110 million users and 20 million business owners. In as less as 5 minutes, users will be able to open their accounts, with higher interest rates and no administrative fees for savings, and up to 20 free transfers and cash withdrawals.

Bukalapal president of commerce and fintech Victor Lesmana, 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.”

(Source: The Business Times)

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