OJK Confirms BukaReksa Does Not Break the Rules (UPDATED)

Technology that does not touch the boundaries of the area makes it gray when determining whether the rules of the game are in accordance with applicable regulations. Compared to other industries, the financial industry is one of the most regulated. Regarding this, DailySocial trying to ensure cooperation between Bukalapak and Bareksa in launching OpenMutual. Does this step violate Bareksa as the license holder of APRD (Mutual Funds Selling Agent) and Bukalapak as the seller of mutual fund securities? The answer turned out to be no.

This was revealed by the Chief Executive of the Capital Market Supervisory Financial Services Authority (OJK) Nurhaida. He said POJK No. 39/POJK.04/2014, specifically in Article 33, states that in selling mutual fund securities, APRD agents can open sales outlets by collaborating with other parties who have a wider network in their business activities.

"APRD can work with outlets to extend its hands. For [Bareksa and Bukalapak] there are rules that allow these outlets to become sellers. But the contract and responsibility for the sale remains with APRD," explained Nurhaida to DailySocial.

Nurhaida's statement is in line with the answers of Bukalapak and Bareksa representatives. Bukalapak party ensures that the company is a partner of Bareksa who has an official APRD license from the OJK. BukaReksa products that sell mutual funds to the public are investment products that are regulated and supervised by the OJK.

"Bukalapak as one of the leading companies, is very obedient to the rules and applicable laws. We uphold the existing regulations," said Bukalapak in its official statement.

Bareksa also let out her voice. Co-founder and Chairman of Bareksa Karaniya Dharmasaputra to DailySocial ensure that BukaReksa does not violate the rules imposed by the OJK. BukaReksa platform stays connected with Bareksa engine for processing know your customer (KYC) customers before buying mutual fund products.

"This does not violate the rules, we have reported it to the OJK. They support this because of this right? part of education and marketing channel expansion. We really prefer collaboration with technology companies to make it more appropriate and faster," he explained.

Karaniya explained that BukaReksa is the result of a collaboration between Bukalapak and Bareksa by appointing CIMB Principal Asset Management to create Mutual Fund products. CIMB-Principal Bureksa Money Market.

BukaReksa is dedicated to targeting all Bukalapak users, both buyers and merchants who already have an account at Bukalapak and a balance at BukaDompet.

"The initial idea was to create a special product to collaborate with Bukalapak. Because, to become a mutual fund customer it takes a 2-3 day process because there is a process at the custodian bank. To serve Bukalapak customers who are merchants, they need liquidity, so we made a special product with CIMB so that we are targeting a faster process, a maximum of one day after the transaction."

Later, BukaReksa will be available on various platforms owned by Bukalapak, from websites, applications, to mobile sites. In dashboards Bukalapak users, there will be button for mutual fund investment in BukaReksa.

"Now Already final testing, hopefully can slide in the next few weeks."

Previously, Bareksa had also inaugurate in collaboration with DOKU to sell mutual fund products to DOKU users whose number is claimed to reach 1,3 million people.

Both the collaboration between Bareksa and Bukalapak and DOKU have the same goal, namely users of each platform, including merchant sellers at Bukalapak.

The number of Bareksa customers is now approaching 7 thousand people since it was first launched in January 2015. The total funds invested through the Bareksa platform have reached more than IDR 80 billion.

Throughout this year, Bareksa will again hold other collaborations with e-commerce services and e-commerce services fintech.

"We can't get the name yet reveal,' said Karaniya.

Inspired by Yuebao

Karaniya revealed that this collaboration was formed as a result of being inspired by Yuebao, a mutual fund product managed by Alibaba's financial product, Alipay, which was launched in June 2013.

At that time the return value (yield) What Yuebao offers to its customers is 4%. In fact, the figure has reached 6,76% per year in early 2014. Yuebao's customers are now claimed to be one of the largest in the world with a total of 260 million customers.

"We were inspired from there [Yuebao]. In fact, now he can become an investment management company. God willing, in the future [BukaReksa] can lead to it."

Most importantly, he continued, the presence of BukaReksa could be an educational platform for Bukalapak merchants to switch to using mutual funds as a short-term investment area, rather than saving their money in a simple savings account at the bank.