1. Startups

Bukalapak's Subsidiary Inaugurates BMoney, a Mutual Fund Investment Application

In collaboration with Ashmore, which previously acquired 20% stake in PT Buka Investasi Bersama (BIB)

Bukalapak and PT Ashmore Asset Management Indonesia Tbk (“Ashmore”) through PT Buka Investasi Bersama (“BIB”) today officially launched the BMoney application for mutual fund investment.

As previously noted, Asmore acquired 20% stake in BIB which is a subsidiary of Bukalapak at the end of 2020. Through this corporate action, both of them agreed to provide investment services for the public "underserved" or those who were previously underserved by investment products -- reflecting the majority of Bukalapak users, including MSMEs.

There are several advantages that the BMoney application tries to present, such as being able to invest starting from Rp. 1.000, an easy registration process in less than 5 minutes, no transaction fees, and users can access BMoney 24/7 anywhere and anytime to manage portfolios.

The CEO of Buka Investasi Bersama and President of Bukalapak, Teddy Oetomo, stated, "The collaboration between Bukalapak and Ashmore through BIB in the BMoney application is a realization of our strategic partnership, which is an amalgamation of technology infrastructure, which is one of Bukalapak's key strengths, as well as Ashmore's capabilities and experience. as one of the largest investment managers in Indonesia."

Furthermore, Teddy re-emphasized that Open Investment Bersama already has an APERD (Mutual Fund Selling Agent) license which is registered and supervised by the OJK. BMoney targets to invite 500.000 users in the first year.

Meanwhile, Ashmore President Director Ronaldus Gandahusada said, “Ashmore believes that growth in the asset management industry can be accelerated through a well-defined digital strategy. Accessibility and trust in investment platforms are two important things that must be owned by realtors to be able to continue to compete in the era of digitalization that is still growing.”

The presence of BMoney adds to the long list of digital applications that provide mutual fund investment services. At the end of May 2021, Pluang is also new open the same service. The behind-the-scenes approach is slightly different from BIB, which is fully managed by the company, because Pluang uses Pluang Grow (PT Sarana Santosa Sejati) which is currently registered with OJK and KSEI, to connect retail investors with Asset Management companies.

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BIB's approach is similar to Ajaib, which operates mutual fund products through Mutual Fund Magic (PT Amazed Technology Indonesia). Recently they booked a series A funding with a total value of $90 million and made the company quite confident that it could penetrate the market more aggressively. Apart from mutual funds, they also own Ajaib Sekuritas (PT Ajaib Sekuritas Asia – the result of its acquisition of Primasia Unggul Sekuritas) for stock investment.

In addition, other digital applications that also accommodate other mutual fund investment needs, as mentioned in Fintech Report 2020, are Bibit, Bareksa, Raiz Invest, Invisee, IndoPremier, and Tanamduit.

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