Standard Chartered and e-commerce platform Bukalapak have jointly launched BukaTabungan, their digital banking service, in Indonesia.

The service, available on Bukalapak’s platform, will provide users with ‘inclusive’ and ‘secure’ banking services.

Further, the new service will offer digital, non-face-to-face onboarding experience to the e-commerce platform’s existing 110 million users and 20 million business owners.

BukaTabungan will use Standard Chartered’s nexus technology, a banking-as-a-service (BaaS) solution, reported Business Times citing a joint statement by the two entities.

This will support Indonesia’s micro, small and medium enterprises (MSMEs) with business continuity and growth.

Currently. the e-commerce platform caters to the requirements of nearly 6.8 million online merchants. 

It is being claimed that customers can open their accounts on BukaTabungan within five minutes by using artificial intelligence-based automation and security technologies, including biometric facial recognition and E-KTP (Indonesia’s biometrics-enabled ID programme).

No administrative fees for savings, 20 free transfers and cash withdrawals, along with higher interest rates on savings are the digital service’s additional benefits.

The new service was launched following the receipt of approval from Otoritas Jasa Keuangan, Indonesia’s financial services authority.

Bukalapal commerce and fintech president 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.”

Recently, Standard Chartered, in partnership with NTUC Enterprise’s FairPrice Group, launched a digital bank in Singapore. The joint venture, dubbed Trust Bank, provides a range of digital banking services including savings accounts, credit cards and insurance products.