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Daily Markup #589: Bukalapak and Standard Chartered launch BukaTabungan, a fully paperless service for the underbanked in Indonesia

Ching Yee Ho



Credit: Bukalapak

Paperless banking in the palm of your hands

  • Imagine banking in the palm of your hands. Now, take it one step further, and imagine that it sits within an app that you already use! That’s what 500-backed all-commerce platform Bukalapak has built with global bank Standard Chartered for Indonesia — BukaTabungan, a digital banking service.
  • This joint effort aims to widen financial inclusion in Indonesia’s underbanked segment by providing banking services that are inclusive, easy, and secure to use.
  • Bukalapak’s ecosystem of over 110 million users and 20 million business owners, including small family-owned kiosks known as warungs, can sign up through a completely digital, non-face-to-face onboarding experience.
  • BukaTabungan also aims to support the business continuity and development of micro, small and medium Enterprises (MSMEs), which make up 97% of Indonesia’s workforce, many of whom lack access to formal financing and are still recovering from the impact of the COVID-19 pandemic.
  • Bukalapak’s Commerce & Fintech President Victor Lesmana shared that everyone in Indonesia within all levels of society will be able to access world-class digital banking services seamlessly and securely.
  • “Business owners now also have access to financial services to support their business from a reputable financial institution. We are very excited because this is in line with our mission to support the growth of MSMEs in Indonesia and continue to expand financial inclusion across the country,” he added.
  • Read the full story here.

Ching Yee Ho