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:
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.