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Bukalapak, StanChart launch digital bank in Indonesia

The digital banking service BukaTabungan has received approval from Indonesia financial services authority Otoritas Jasa Keuangan (OJK). Indonesian e-commerce company Bukalapak has tied up with Standard Chartered to launch BukaTabungan, which targets Bukalapak’s users and Indonesia’s underbanked segment. BukaTabungan will leverage the international banking group’s nexus technology, a banking-as-a-service (BaaS) solution. It looks to serve the e-commerce company’s 110 million users and 20 million business owners. By offering banking access, Bukalapak and Standard Chartered are also looking to support micro, small and medium enterprises (MSMEs). At present, the e-commerce group serves around 6.8 million online merchants through its marketplace.

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