Standard Chartered has formed a strategic partnership with Bukalapak to launch digital banking offerings which will be hosted on the nexus platform which is a banking-as-a-service solution by SC Ventures.
Through this partnership, Standard Chartered and Bukalapak aims to bring innovation in financial and e-commerce services by offering an array of financial services through Bukalapak’s ecosystem.
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Additionally, they are also looking to boost financial inclusion in Indonesia as Bukalapak is said to have an extensive coverage to 100 million users and 13.5 million merchants.
A recent survey by Standard Chartered revealed that the pandemic acted as a catalyst for the growth of online financial activity, with over half of global respondents using more online services in a post-pandemic world. 56 percent of Indonesian consumers now prefer online purchases and payments, an increase of 16 percent pre-COVID.
80 percent of Indonesians also expect the country to go fully cashless by 2025. In that regard, embedded finance is a key growth market where Standard Chartered and Bukalapak are keen to partner and develop innovative products to better serve customers’ evolving needs.
Andrew Chia
Andrew Chia, Cluster CEO, Indonesia & ASEAN Markets (Australia, Brunei & the Philippines), Standard Chartered, said:
“Our inaugural partnership with Bukalapak reaffirms Standard Chartered Bank’s commitment to grow our footprint locally. We are confident that our partnership with one of Indonesia’s first unicorns and leading e-commerce players will enable us to co-create a solution that drives financial inclusion in Indonesia.”
Rachmat Kaimuddin
Rachmat Kaimuddin, CEO Bukalapak, said:
“Our strategic partnership shows the trust and confidence from Standard Chartered on Bukalapak’s mission and commitment to create impact across Indonesia. Commerce and financial services are crucial aspects of the well-being of society, thus, the partnership increases our spirit to create A Fair Economy in Indonesia.
With a strong global banking network and prestigious financial service business, Standard Chartered participation in Bukalapak will further strengthen our current strong group of shareholders and strategic partners.”
Standard Chartered has been actively experimenting with new business models, such as nexus, through its innovation, investment and ventures arm, SC Ventures, to meet the evolving needs of its clients.
Featured image: Andrew Chia, Cluster CEO, Indonesia & ASEAN Markets (Australia, Brunei & the Philippines), Standard Chartered and Rachmat Kaimuddin, CEO of Bukalapak signed a strategic partnership to boost financial inclusion in Indonesia
