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Jakarta Post

Bukalapak launches fintech arm for mutual funds product

  • News Desk

    The Jakarta Post

Jakarta   /   Tue, October 6, 2020   /   03:16 pm
Bukalapak launches fintech arm for mutual funds product The Bukalapak app is displayed on a smartphone in this undated photo. (Shutterstock/Papan Atas)

E-commerce platform Bukalapak announced on Monday the launch of its financial technology arm, PT Buka Investasi Bersama (BIB), aiming to attract 500,000 Bukalapak users to become mutual fund investors in 2021.

BIB has secured a mutual fund selling agent (APERD) license from the Financial Services Authority (OJK), making Bukalapak the first marketplace with such a license.

“We hope this new service can provide accessible investment solutions for everyone, so that it will change the impression that investment is only for certain groups of people,” Bukalapak president and BIB CEO Teddy Oetomo said in a press statement.

Bukalapak set up BukaReksa, a mutual fund investment platform, in 2016. The company said BukaReksa’s target market includes people in the underserved segment, as it aims to help boost financial inclusion in the country.

“BukaReksa is our starting platform to understand the best approach in presenting technology-based micro investment solutions,” said BIB COO Dhinda Arisyiya.

“Along the way, we continue to innovate and expand access, improve operations and security as well as regulatory oversight, which are very important to increase investor satisfaction and comfort.”

The number of retail investors in Indonesia has continued to increase over the last few months due to growing awareness about the importance of investing.

The number of retail investors in the country had risen to 1.2 million as of June 30, an increase of around 12 percent from December last year, according to data from the Indonesian Central Securities Depository (KSEI). (eyc)