Bukalapak president says wide ecosystem key for digital banks

Indonesian e-commerce platform to join fray with Allo Bank investment

20220105 Teddy Oetomo, president of Bukalapak

Bukalapak President Teddy Oetomo is taking the e-commerce platform into digital banking. (Source photos by Reuters and courtesy of Bukalapak)

SHOTARO TANI, Nikkei staff writer

January 5, 2022 18:47 JST

Updated on January 14, 2022 20:33 JST

JAKARTA -- E-commerce platform Bukalapak, the latest entrant in Indonesia's increasingly competitive digital banking sector, believes having a broad ecosystem is key to coming out on top, its president told Nikkei Asia on Wednesday.

The Indonesian company, alongside fellow tech players Grab and Carro, officially announced on the same day that it will participate in the rights issue by Allo Bank, a small local lender. Indonesian conglomerates Salim Group and CT Corp. are also joining. Allo Bank announced the rights issue on Monday.