1. Startups

BukaTabungan Launched, Realizing Synergy of Bukalapak BaaS and Standard Chartered

BukaTabungan also provides fund withdrawal services through the Bukalapak Partner network

Bukalapak has started to introduce the "Open Savings" service. This is a realization of the strategic cooperation that was established with Standard Chartered (SC) bank --- which is also one of their strategic investors. This digital bank application utilizes the Nexus service, which is a banking-as-a-service (BaaS) which enables digital services to gain banking capabilities from SC, particularly related to deposit services.

Currently, the BukaTabungan application can be downloaded by users and can be integrated into Bukalapak as a payment medium. In its initial promo, this digital banking service offers several attractive offers, including savings interest of up to 7%.

Typical of digital bank services that are making initial penetrations, BukaTabungan also offers free interbank transfer fees of up to 20x every month; free of charge admin savings; and there is no minimum balance.

Targeted for the ecosystem of Bukalapak users, including the MSME network in it, one of the features OpenSavings allows customers to make withdrawals through Bukalapak Partners spread across various cities. As for the withdrawal of funds in merchant free 20x per month, then charged Rp 5.000 per transaction.

Despite cooperating with SC, it is certain that no transactions related to BukaTabungan can be made at Standard Chartered Bank branches. All services are carried out online through the application.

Bukalapak in the digital banking industry

Earlier this year, Bukalapak was actually with a number of other digital companies support the presence of Allo Bank as a new digital bank under the auspices of the CT Group. In this corporate action, Bukalapak itself acquired the largest percentage of shares, which was equal to 11,49%.

Bukalapak President Director Willix Halim said at the time, "For Bukalapak, through the Partner business and its connectivity with new verticals in the MSME market, this collaboration [with Allo Bank] can expand its offerings and access credit for business actors in rural areas."

Even Allo Bank brings good impact to Bukalapak financial report. In the first half of this year, the company pocketed a net profit of Rp8,59 trillion or skyrocketed 1.220%. This net profit is the result of the value of his investment in PT Allo Bank Tbk (IDX: BBHI).

Startup and banking collaboration

Bukalapak is practicing two models in entering the (digital) banking industry, through BaaS synergies and acquisition of bank units. These two approaches are indeed commonly practiced by industry players. For the BaaS model, there are a number of other initiatives that have been running in Indonesia, such as BRI collaborating with Grab, Tokopedia with BRI Ceria, and Shopback with TMRW (UOB Bank).

As a mutualistic synergy, this cooperation is considered to be beneficial for both parties. From the banking side as a provider, services, citing a report by research firm Oliver Wyman, implementing BaaS can reach more new users and reduce customer acquisition costs from $100-$200 per customer to $5-$35. As for digital applications, the goal is to enrich features and increase user retention.

More Coverage:

The second model, namely through the acquisition of a bank and turning it into a digital unit, has also been carried out by a number of parties. For example ownership 40% Akulaku on Neo Commerce Bank, Investree 19% ownership of Amar Bank, 75% ownership Kredivo on International Business Banks, and others.

The purpose of digital banks, in addition to facilitating the customer acquisition process because it does not require large investments in the distribution of branch offices, is also to create a personalized financial experience. By connecting to digital applications, it is hoped that customers can get various features from end to end.

Application Information Will Show Up Here
Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again

Sign up for our
newsletter

Subscribe Newsletter
Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again