Indonesian e-commerce platform Bukalapak has expanded to 5 overseas markets in Asia because it was founded in 2010, and the Middle East might be next, CNBC reported, citing the corporate’s co-founder on Thursday.
Bukalapak is considered one of the few Southeast Asian startups to realize “unicorn” status, a term used to explain young firms valued at $1 billion or more. In recent years, the e-commerce company has expanded beyond Indonesia to Singapore, Malaysia, Brunei, Hong Kong and Taiwan.
“In the future, it is possible that we will visit other countries and regions. One of them is the Middle East,” Fajrin Rasyid, co-founder and CEO of Bukalapak, told CNBC’s Matthew Taylor.
He explained that because Indonesia has a big Muslim population, his company can leverage its extensive experience in working with Muslim merchants and clients within the Middle East.
Another area where the corporate is developing is financial technology, which Rasyid described as a “natural growth” path for e-commerce platforms.
This is especially vital for Bukalapak’s homeland as a big a part of Indonesia’s population has limited access to financial services, Rasyid said at Innovfest Unbound in Singapore.
However, Rasyid said that because many Indonesians own mobile devices, the so-called unbanked population can now be reached. He added that his company can offer this population “easy financial services” similar to opening a checking account or purchasing insurance.
Source: CNBC
