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36Kr/KrASIA

Indonesian unicorn Bukalapak launches fintech subsidiary

Company aims to show commitment to provide equal access to investment

E-commerce unicorn Bukalapak has launched a new fintech business unit and mutual funds selling agent called Buka Investasi Bersama. (Photo by Erwida Maulia)

JAKARTA -- Indonesian e-commerce unicorn Bukalapak on Monday announced that it has launched a new fintech business unit and mutual funds selling agent Buka Investasi Bersama, or BIB. The company said it aims to display its commitment to providing equal access to investment for everyone.

Bukalapak introduced its first investment service called BukaReksa in 2016 in partnership with online mutual funds platform Bareksa. BukaReksa has since improved access to those services for Bukalapak's users, many of them who are outside major cities and come from various socio-economic backgrounds. They include people currently not served by traditional banking and financial institutions.

"We hope BIB will provide more accessible investment services for everyone and it will debunk the old assumption that says investment service is only for a certain group of people," Teddy Oetomo, president of Bukalapak and CEO of BIB, said in a statement.

Buka Investasi Bersama is registered and supervised by Indonesia's financial regulator OJK, making Bukalapak the first e-commerce platform to receive a license to sell mutual funds. Bukalapak and BIB have set a target of 500,000 mutual fund investors by 2021, according to the statement.

KrASIA is a digital media platform focused on technology-driven businesses and trends across the Asia-Pacific region. KrASIA belongs to 36Kr Global, of which 36Kr is a minority investor. Nikkei has a minority stake in 36Kr.

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