Standard Chartered partners with Bukalapak to launch innovative offerings to further advance its focus on digital banking.
In particular, the partnership aims to empower more than 100 million users and 13.5 million sellers within the Bukalapak ecosystem.
Powered by nexus, a banking-as-a-service solution by SC Ventures, Bukalapak will work with Standard Chartered to boost financial inclusion in Indonesia.
Through this partnership, Standard Chartered and Bukalapak will focus on a number of key areas. These include:
- Bringing innovation in financial and e-commerce services.
Standard Chartered and Bukalapak will offer an array of innovative financial service through Bukalapak’s ecosystem.
- Boosting financial inclusion in Indonesia.
With Bukalapak’s of 100 million users and 13.5 million sellers, the collaboration will boost financial inclusion and further support to Indonesia’s digital economic growth. According to a survey by Standard Chartered, 56% of Indonesian consumers now prefer online purchases and payments. This is an increase of 16 percentage points pre-Covid.
Standard Chartered partners Bukalapak as cash displacement accelerates
An overwhelming 80% of Indonesians also expect the country to go fully cashless by 2025. As a result, embedded finance is a key growth market. And Standard Chartered and Bukalapak are keen to partner and develop innovative products to better serve customers’ evolving needs.
“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,” says Andrew Chia, Cluster CEO, Indonesia & ASEAN Markets, Standard Chartered.
Rachmat Kaimuddin, CEO Bukalapak, adds: “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.”