Saturday, 08 May 2021

Standard Chartered partners Bukalapak to boost financial inclusion in Indonesia

Jakarta, 14 January 2021 – Standard Chartered (“The Bank”) has formed a strategic partnership with Bukalapak to launch innovative offerings to further advance its focus on digital banking. Powered by nexus, a banking-as-a-service solution by SC Ventures, Bukalapak will work with Standard Chartered to expand their mission to enable convenient access to financial services for consumers across the market which will potentially touch the lives of more than 200 million people in Indonesia.

Through this partnership, Standard Chartered and Bukalapak will focus on these key areas, including:

  • 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 extensive coverage to 100 million users and 13.5 million sellers, the collaboration will boost financial inclusion and further support to Indonesia’s digital economic growth.
The collaboration is expected to lead the innovation of digital ecosystem play in the financial sector, responding to shifting consumer behaviours during the pandemic. A recent survey1 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 per cent of Indonesian consumers now prefer online purchases and payments, an increase of 16 per cent pre-COVID. An overwhelming 80 per cent 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, 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, 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. Recently, the Bank announced the official launch of Mox, its new virtual bank in Hong Kong, created in partnership with PCCW, HKT and Trip.com. It also announced that it would launch Zodia, an institutional grade digital asset custodian, partnering Northern Trust. It has commercially launched digital open platform, Solv, to help Small and Medium Enterprises (SMEs) in India and other markets grow by providing access to financial and business services.

 

Re-disseminated by The Asian Banker

Diary of Activities
Excellence in Retail Financial Services Annual Meeting 2021
03 June 2021
Finance China 2021
22 July 2021 | China