Banking giant Standard Chartered is partnering with Indonesian ecommerce company Bukalapak to launch digital banking services, media reports said. The partnership aims to bring innovation in financial and ecommerce services. Both Standard Chartered and Bukalapak aim to achieve this by offering an array of financial services through Bukalapak’s ecosystem.
Also, through the partnership between Standard Chartered and Bukalapak, they are also looking to improve financial inclusion in Indonesia as Bukalapak is said to have extensive coverage to 100 million users and 13.5 million merchants.
With regard to the partnership with Standard Chartered, Rachmat Kaimuddin, chief executive officer at Bukalapak told the media, “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.”
Even though the pandemic has battered the global economy and has restricted economic activities all over the world, in some countries, it has resulted in increasing online activities and Indonesia is one such country. Amid the pandemic, online activities have risen in the country and more and more Indonesian now prefer not only to buy a product online, but also to pay for it online as well. Standard Chartered and Bukalapak want to capitalise on the growing demand for financial tools in Indonesia.