02 September, 2022
Bukalapak and Standard Chartered Bank have launched a digital banking platform called BukaTabungan in Indonesia.
According to its Google Play Store page, BukaTabungan offers financial products powered by Standard Chartered Bank, which is one of the backers of the e-commerce firm.
With the new digital bank app, users will be able to open a new account within five minutes, the companies claim. The app also offers high interest rates of up to 7% on savings accounts, as well as other cashback and promos for new users.
BukaTabungan is also integrated with the Bukalapak ecosystem, making it easier for users to make transactions on the marketplace platform.
The launch of BukaTabungan comes almost two years after the two companies announced their collaboration in January 2021. In the same month, the British multinational banking firm reportedly made an investment in Bukalapak.
Digital banking is currently on the rise in Indonesia with major tech companies integrating banking platforms into their ecosystems such as Gojek with Bank Jago and Shopee with Seabank.
A slew of tech startups has also ventured into the sector through investments and acquisitions. Earlier this year, Bukalapak bought an 11.5% stake in digital banking firm Allo Bank.
Other examples include online peer-to-peer lending platform Investree, which has gained control of an 18.4% stake in PT Bank Amar Indonesia Tbk, digital investment company Ajaib, which has an over 50% stake in Bank Bumi Arta, and B2B payment firm Xendit, which has picked up a minority stake in Bank Sahabat Sampoerna.
Bukalapak doubled its revenue in April-June 2022, compared with the same period last year but its gross profit dropped 37.6% year-on-year to 249 billion rupiah, according to the firm’s Q2 financial statement.
The growth in Bukalapak’s Q2 revenue was mostly on the back of a 241% growth in revenues recorded by the company’s merchants — Mitra Bukalapaks, who help digitalise small businesses. The firm has 14.2 million Mitra Bukalapaks as of June, and they accounted for 55% of Bukalapak’s total revenue in Q2.
Printed by Unregistered user on Fri, 02 Sep 2022 23:31:27 GMT
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