Bukalapak JV to boost stock trading in Indonesia with new scheme

Photo credit: BMoney

BMoney, an Indonesia-based investment app, has launched a feature that allows premium BMoney Privilege users to buy and sell shares of various companies in the country. The service was launched alongside securities firm CGS-CIMB Sekuritas Indonesia.

Those in the investor priority program have access to diversified offerings – such as gold, stocks, mutual funds, and alternative investments – and investment support from an experienced relationship manager.

This marks the first collaboration between a tech platform and a securities company in Indonesia, said BMoney.

Buka Investasi Bersama, which operates BMoney, is a joint venture between ecommerce giant Bukalapak and investment firm Ashmore Asset Management Indonesia. Since launching in 2020, its flagship product has been used by nearly one million investors and it manages over 1 trillion rupiah (US$67.5 million), according to a statement.

Bukalapak has recently become more interested in diversifying its business. Earlier this month, the company forged a partnership with VC firm 500 Southeast Asia to invest in early-stage startups.

The ecommerce firm recorded a net loss of US$68.8 million in Q1 2023 compared to a net profit of US$993 million in Q1 2022.

See also: Bukalapak seizes ‘great opportunity’ in Mitra as rivals like GoTo exit

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,820 rupiah.