Indonesian e-tailer Bukalapak turns street sellers into banking agents

Rachmat Kaimuddin at his company’s headquarters in Jakarta, Indonesia. — Bukalapak/Reuters

SINGAPORE: Indonesian startup Bukalapak, backed by Chinese fintech Ant Group, aims 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, its CEO said.

Bukalapak, or ‘open store’, will introduce grocery sellers and street vendors – known as ‘warungs’ – to a service from PT Bank Mandiri (Persero) Tbk through which warungs can help often smartphone-less locals set up bank accounts.