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Standard Chartered Unveils Digital Banking Service in Indonesia With Bukalapak

Commerce firm Bukalapak and international banking group Standard Chartered Bank have joined forces to launch a digital banking platform in Indonesia. Called BukaTabungan, the service boasts its paperless onboarding process delivers accounts in five minutes.

BukaTabungan combines Bukalapak’s all-commerce platform and the technology of nexus, a banking-as-a-service (BaaS) solution powered by Standard Chartered.

Bukalapak, which currently serves 6.8 million online merchants through its marketplace, first announced a strategic partnership with Standard Chartered in January 2021. They revealed plans to launch innovative offerings in efforts to advance their focus on digital banking, and widen financial inclusion to the country’s underbanked segment.

Andrew Chia, Cluster CEO, Indonesia and ASEAN Markets (Australia, Brunei, and the Philippines), Standard Chartered, said: “This partnership will advance the digital banking services landscape and technology ecosystem; particularly through the adoption of nexus, our banking-as-a-service solution.

“We hope the services offered by BukaTabungan will be well received by everyone in Indonesia, bringing us closer to achieving our shared mission of improving financial inclusion for all Indonesians.”

Victor Lesmana, president, commerce & fintech at Bukalapak, added: “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. We are very excited because this is in line with our mission to support the growth of MSMEs in Indonesia and continue to expand financial inclusion across the country. Our greatest appreciation to Standard Chartered for the trust and shared passion in this collaboration.”

The platform

Opening an account with BukaTabungan uses automation and security technologies employing artificial intelligence, biometric facial recognition and E-KTP (Indonesia’s biometrics-enabled ID programme) validation.

Until the end of October 2022, BukaTabungan users can also enjoy several promotional offers, including bonus interest of up to seven per cent on savings, direct cashback worth Rp100,000 for each successful account opened, a special referral programme for Bukalapak users, and special discounts for Bukalapak and Mitra Bukalapak users.

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