Standard Chartered Bank announced on Thursday it has formed a partnership with Sociolla through nexus, the bank’s “Banking as a Service” solution. Standard Chartered revealed that in line with its vision to enable convenient access to financial services for tech-savvy consumers across its market, this new collaboration 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.
Standard Chartered further reported the collaboration is the second partnership that nexus has forged in Indonesia, giving the banking group an opportunity to reach the unbanked and expand its customer base. Andrew Chia, CEO of Standard Chartered Bank Indonesia, stated:
“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.”
Co-Founder and President Director of Social Bella (parent company of Sociolla), Christopher Madiam, also commented:
“At Sociolla, we are proud of our tech-led capabilities in providing customers with a holistic and unique beauty experience that truly meets our customers’ needs. The banking service is an important added value to continuously complement our integrated beauty ecosystem, especially now that we have been noticing a growing demand from our customers for trusted digital payment.”
Announced in March this year, nexus was incubated at SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm.