Set to be launched on the third week of January, the new platform is a result of Bukalapak’s partnership with finance portal Bareksa.
According to information on the BukaReksa site, the service is intended for “investors with low risk profile and short term investment plan,” making it an ideal platform for beginners.
To use the service, Bukalapak users can use their usual account, although they will need to provide more detailed information and receive a confirmation from the platform before they can begin a transaction. Users can start investing as low as IDR10,000 (US$0.74), in accordance with the minimum investment required by CIMB-Principal BukaReksa Money Market.
Launched in 2015, Bareksa claims to be the first integrated online marketplace for mutual funds in Indonesia. Apart from being a platform that facilitates online transactions for mutual funds, the Jakarta-based company also provides market data, investment tools, as well as analysis and news for investment.
Bareksa is led by Ady F. Pangerang and Karaniya Dharmasaputra, seasoned professionals in the field of technology and media.
Apart from access, financial literacy has often been dubbed as one of the main challenges faced by the Indonesian fintech industry . According to a recent survey by DailySocial and the Indonesian Fintech Association, despite the recent spike in the number of fintech startups operating in the country, Indonesian customers have relatively low awareness of fintech, with only 28.34 per cent of respondents claiming to be familiar with the term ‘fintech’ and only 18.46 per cent actively using a form of fintech services.
More on this story as it develops.