“Embedded finance is one of the hottest topics in the industry today,” said Celent the fintech consultancy, in its announcement of the award. “It can enable a bank to access new markets and customer segments far more easily, and at a lower cost, than through organic growth. However, delivering this at any kind of scale typically requires new capabilities and new technology.
Through audax, Bukalapak is offering current account and savings account services, debit cards and, to its whitelisted users, lending. In addition, audax has also partnered with Sociolla, an Indonesian e-commerce focused on beauty products. “We decided to build an entire banking stack because Standard Chartered realized legacy tech was not suitable for a massively scaled business. As as we built up the tech stack and the business model and business solution, we then said we should commercialize the tech.”
Tan sees huge potential in countries where Standard Chartered has a banking license. The software offers the opportunity get up and running in six to nine months, rather than years. The range of potential to corporate users is large.The platform values speed and ease of use — it can conduct Know Your Customer checks in just over two minutes through remote digital connections.
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