Introducing BaaS, a Modern Way to Enter the Digital World
Introduced by Standard Chartered Bank through nexus. In collaboration with Bukalapak and Sociolla
Banking-as-a-service (BaaS) becomes a hot topic on how banks try to innovate into the digital world. Earlier this year, Standard Chartered Bank (Stanchart), through Nexus, pioneered this method through partnerships with Bukalapak and Sociolla. Nexus was developed by SC Ventures, a Stanchart investment company.
BaaS term is different from open banking or digital bank (neobank) which has commonly known. DailySocial interviewed some industry players regarding their respective differentiation.
Before BaaS, Indonesia had already been familiar with the concept of a financial product marketplace such as those implemented by CekAja and Cermati in its debut. The concept is similar to when accessing e-commerce pages, consumers can access various financial products from marketplace partners and make transactions.
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