Indonesian e-commerce unicorn Bukalapak sets up mutual funds subsidiary

Photo: Bukalapak

Indonesian e-commerce company Bukalapak has announced its full foray into the mutual funds space by launching a new fintech business unit, Buka Investasi Bersama (BIB) that will act as a mutual fund selling agent.

The move makes Bukalapak the first e-commerce marketplace to obtain a licence to sell mutual funds in Indonesia. Its peers currently team up with licensed fintech startups to offer mutual funds services.

Bukalapak said that BIB will aim to provide investment solutions that can be accessed by all groups, the company said in a release.

Bukalapak first ventured into the mutual fund space in 2016 when it partnered with fintech company Bareksa to roll out BukaReksa, an in-app feature that allows Bukalapak users to invest in mutual funds.

The company claims that BukaReksa has reached more than hundreds of thousands of first-time investors. Buka Investasi Bersama looks to further advance this business.

“BukaReksa was our starting platform to understand the best approach in presenting technology-based micro investment solutions. Along the way, there are several important aspects that become our priority to continue to innovate and expand access, namely independence, improvement in operations, security and regulatory oversight which are very important to increase investor satisfaction and comfort. This is what we are doing with BIB,” said Bukalapak AVP of Investment Solution and Financing Dhinda Arisyisya.

The decision to go solo with its mutual funds business through BIB was partly driven by new CEO Rachmat Kaimuddin, who along with company President Teddy Oetomo and AVP Dhinda Arisyisya, come with experience in the capital and financial markets.

In the company’s earlier expansion in the financial services sector, CEO Kaimuddin, who is a former banking director, says Bukalapak will aim to turn the mom-and-pop stores that use its B2B e-commerce platform into banking agents through a partnership with one of the country’s largest lenders.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.