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September 5, 2022

StanChart, Bukalapak unveil digital banking service in Indonesia

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

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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.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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