Bukalapak Collaborates with Tanamduit in BukaReksa

OpenMutual from Bukalapak is increasing the diversification of its investment products by establishing a strategic partnership with investment service startup Tanamduit. Previously, Bukalapak started BukaReksa based on a partnership with Bareksa.

Head of Payment & Financial Services Bukalapak Destya Danang Pradityo said the main reason for the partnership was that Tanamduit as a Selling Agent for Mutual Funds (APERD) had a license from the Financial Services Authority (OJK). Later, 5 new investment products from 3 asset management companies will be presented.

The five new investment products that are present at BukaReksa are Bahana MES Syariah, Batavia Dana Dinamis, Sucorinvest Sharia Equity Fund, Sucorinvest Maxi Fund, and Batavia Dana Saham.

"We implement a strict KYC process with the approval process only about 3 hours after the user registers. BukaReksa and Tanamduit also do not charge administration fees and all processes run transparently," said Destian.

BukaReksa has now provided 21 mutual fund products with a variety of risk options and return and managed to capture almost 150 thousand investors.

Tanamduit's efforts to expand services

Previously, Mercato Digital Asia, the parent company of mutual fund platform Tanamduit, received initial stage investment of around IDR44,7 billion (US$3 million) from RDN Kapital, a local venture capital firm affiliated with Minna Padi Group.

The fresh funds will be used to develop Tanamduit products, recruit new talents in IT and marketing, and launch a number of marketing initiatives. Regarding the services provided, cooperation with Bukalapak is considered by the Director of Business Development of Tanamduit Muhammad Hanif as a strategic step.

"Learning from our experience so far, user experience become the most important thing for us at Tanamduit and of course BukaReksa. For this reason, by prioritizing a strict KYC process but with the ease and speed of the process for users."

Hanif added that this convenience is also very relevant for retail customers who often experience difficulties and obstacles when starting to register to buy mutual fund products offline. The technology presented by online services such as Bukapalak and Tanamduit is expected to make the process more efficient.

Purchase via bank still dominates

The OJK Deputy Director for Investment Management, Halim Haryono, also welcomed the strategic cooperation between the two on the occasion. As a regulator that directly supervises all online mutual fund transaction activities, Halim said, the services provided by BukaReksa and Tanamduit have directly influenced the habits of the general public in purchasing mutual funds.

Although it has shown positive growth, both in terms of the increasing number of investors and the trend of buying mutual funds online, OJK sees that banks still have the largest number of customers in terms of selling mutual funds. Banks are considered to have a clear market and customers. However, OJK sees the presence of fintech services starting to help promote mutual fund products to the public.

Due to its limitations, banks are still unable to reach certain target markets. This market is targeted by online mutual fund services. This is expected to help the government expand public interest in buying mutual funds.

"If we look at the trend of buying mutual funds in the first wave, many Investment Managers (MI) did it manually, then the second wave of banks started offering a lot of these products and then the next wave the trend began to change to fintech services. adopting technology to provide more services to customers," said Halim.