Standard Chartered's nexus BaaS Platform Partners with Sociolla in Indonesia

On October 1, 2020, Standard Chartered announced that its nexus Banking-as-a-Service platform had established a partnership with Sociolla, a leading Indonesian beauty and personal care e-commerce platform, to introduce financial products to Sociolla's users. The nexus platform, incubated by SC Ventures (Standard Chartered's innovation arm) and launched in March 2020, enables digital platforms to co-create banking products such as savings accounts, loans, and credit cards under their own brand. Sociolla will offer nexus-powered financial products starting in late 2021, pending regulatory approvals, targeting Indonesia's significant unbanked population amid surging e-commerce adoption post-Covid-19.

Andrew Chia, CEO of Standard Chartered Indonesia, emphasized digital banking's role in expanding financial access, while Sociolla's co-founder highlighted innovation for its beauty enthusiast customer base. This marks nexus's second partnership in Indonesia, the world's fourth-most populous country with one of the highest global e-commerce growth rates. Standard Chartered plans to extend the nexus platform across Asia, Africa, and the Middle East with suitable regulatory frameworks and partners.