Bukalapak launches new fintech subsidiary Buka Investasi Bersama

Indonesian ecommerce unicorn Bukalapak on Monday announced that it has launched a new fintech business unit and mutual funds selling agent called Buka Investasi Bersama (BIB). The company said it aims to show its commitment to providing equal access to investment for everyone.

Photo credit: Bukalapak

Bukalapak introduced its first investment service called BukaReksa in 2016 in partnership with online mutual funds platform Bareksa. Since then, the service has improved access to mutual fund investments for Bukalapak’s users, many of them from outside of major cities and with various socioeconomic backgrounds.

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

BIB is registered and supervised by Indonesia’s financial regulator OJK, making Bukalapak the first ecommerce platform to receive a license to sell mutual funds. Bukalapak and BIB target to have 500,000 mutual fund investors by 2021, according to the statement.

TECH IN ASIA

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