Bukalapak, Standard Chartered launch digibank app in Indonesia

Indonesian ecommerce firm Bukalapak has launched a digital banking app called BukaTabungan, in collaboration with Standard Chartered Bank, which also one of its investors.

Bukalapak’s office in Jakarta / Photo credit: Bukalapak

The app connects users with Standard Chartered’s banking services, particularly savings. However, users cannot transact at the firm’s bank branches because all transactions can be done in the app.

BukaTabungan is providing several offers at its launch, including free admin fees, no minimum balance limit, free transfers to other banks and cash withdrawals up to 20 times a month, and interest rates of up to 7% per year on savings.

Users can also withdraw money at Mitra Bukalapak and some minimarkets accross Indonesia. Currently, BukaTabungan is only available on the Google Play Store and can be integrated into Bukalapak as a payment option.

See also: The tech companies bankrolling Indonesia’s digital banks

Bukalapak previously revealed its plan to launch BukaTabungan with Standard Chartered Bank last year. However, this plan only came into effect at the end of August this year.

Bukalapak is the latest in the fierce competition for digital banks in Indonesia. Several names such as Jenius, Gojek-linked Bank Jago, Neo Commerce Bank, Sea Group’s SeaBank, DBS’ Digibank, and United Overseas Bank’s TMRW have taken the first steps in the country.

Earlier this year, Bukalapak was also bought an 11.5% stake in digital banking firm Allo Bank.