Standard Chartered Bank Indonesia (Stanchart) of UK is partnering with a local cellular operator PT Indosat Tbk (ISAT), unit of Qatar firm Ooredoo Group, to launch Straight2Bank Wallet for corporate clients in the country, taking advantage of the growing popularity of cashless payment mechanism in the country.
Straight2Bank Wallet will facilitate the distribution of money transactions for those employees of a company who have no certain bank account. The Straight2Bnk Wallet holders will receive the funds electronically through their Indosat ‘Dompetku’ mobile wallets.
“The bank’s corporate clients can now make cashless payments to both banked and unbanked individuals via the Straight2Bank digital banking platform,” Alexander Rusli, president director & CEO of Indosat said in a press conference.
He added the new payment system is aimed at corporate clients of Stanchart such as the organisation, multinational corporations, financial institutions and companies’ fast moving consumer good.
Michael Sugirin, head of transaction banking of Stanchart commented, that the collaboration will help improve access to financial services in the country where more than 60 per cent of Indonesian people do not have a bank account.
Gautam Jain, global head of client access and product development at Standard Chartered added the partnership will enable corporate clients in Indonesia to connect more efficiently with their customers and beneficiaries, and in the process, find further financial inclusion in the country.
The Straight2Bank Wallet is also available in Kenya, Nigeria, Tanzania, Zambia, Pakistan, Bangladesh, the Philippines and Thailand, with further roll-outs in the pipeline for other countries in Asia, Africa and the Middle East.
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