Recently, Bukalapak just made an expansion in the world of digital banks. They spent around 1.19 trillion Rupiahs on purchasing the PT Allo Bank Indonesia Tbk’s shares (around 12%) through rights issue. This is quite a surprising move considering that they are in the middle of falling trends on their shares since their IPO last August.
The e-commerce company decided to expand in the digital finance industry as it’s closely related with their main trading service. Allo Bank is chosen to fulfill this mission as they have multiple ecosystems (offline and online) therefore allowing them to have wider and more specific focus, segments, targets, and different preferences.
This expansion will increase Bukalapak’s partners (sellers inside their market)’s growth and increase economic expansion especially to UMKMs that actually contributes around 60% of Indonesia’s economy. Basically, the upgraded financial services will become one of the pillars of Indonesia and the overall ecosystem of the digital world.
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