Standard Chartered Bank announced its partnership with Sociolla through nexus, its “Banking as a Service” solution. In line with the Bank’s vision to enable convenient access to financial services for tech-savvy consumers across its market, the partnership will enable Sociolla to offer financial products, like savings accounts, loans and credit cards that are powered by nexus in late 2021, subject to regulatory approvals.
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This is the second partnership which nexus has forged in Indonesia, giving Standard Chartered Bank the opportunity to reach the unbanked and expand its customer base in the world’s 4th most populous country, where the e-commerce adoption rate is the highest in the world1.
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With consumer behaviour shifting in the wake of Covid-19, more Indonesians are migrating online to purchase consumer goods on e-commerce platforms2. The pandemic has also revealed the need to accelerate digitisation efforts in banking, through which Standard Chartered Bank aims to increase financial inclusion.
Andrew Chia, Chief Executive Officer of Standard Chartered Bank Indonesia, said: “We are excited to announce our partnership with Sociolla, Indonesia’s leading beauty and personal care e-commerce platform. This second partnership with an e-commerce platform reaffirms Standard Chartered Bank’s commitment to grow our footprint locally. We believe the future of banking is digital, and nexus is poised to leverage strategic partnerships that enable greater financial access for Indonesians.”
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