The partnership will work through nexus, Standard Chartered Bank’s Banking-as-a-Service solution. The collaboration will enable the Indonesia-based Sociolla to offer financial products like savings accounts, loans, and credit cards that will be powered by nexus in late 2021, subject to regulatory approvals.
This is the bank’s second partnership with an ecommerce platform in the area. The collaboration showcases Standard Chartered Bank’s intention to grow its footprint locally, to reach the unbanked and expand its customer base.
This partnership also helps Sociolla to adopt and implement new technologies in its processes. With the large volume of beauty and personal care products being bought online, it is advisable that the industry caters to adapt to the customers’ rising demand for digital payment methods.
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