Standard Chartered Bank has partnered with Indosat to launch Straight2Bank Wallet in Indonesia. With the introduction of this new payment channel, Standard Chartered’s corporate clients in Indonesia – such as development organisations, multi-national corporations, non-bank financial institutions and fast-moving consumer goods (FMCG) companies – can now make cashless payments to banked and unbanked beneficiaries via the Straight2Bank electronic banking platform.
Beneficiaries such as aid workers, trainers, policy holders and farmers will receive the funds electronically in their Indosat ‘Dompetku’ mobile wallets.
Straight2Bank Wallet is the first mobile money service for corporate clients in the market delivered through Standard Chartered’s best in class cash management system and Indosat’s leading telecommunication network.
Straight2Bank Wallet replaces onerous and risk-prone cash payments by offering an efficient and secure digital payment scheme. Corporate clients mitigate the risks of fraud and theft associated with cash payments combined with reconciliation efficiency.
“Partnership between Indosat and Standard Chartered Bank will further expand the ‘Dompetku’ service as an easy, fast and secure financial service. With this service, customers can easily conduct transactions, such as receiving salary payments and incentives, even without having a bank account. Straight2Bank Wallet will benefit the Indonesian society by widening financial access and furthering the development of the digital payments,” said Alexander Rusli, President Director & CEO PT.Indosat.
Gautam Jain, Global Head of Client Access and Product Development at Standard Chartered commented, “We are delighted to launch Straight2Bank Wallet in Indonesia together with Indosat as we continue to expand our mobile wallet offering in key markets across our footprint. The launch today will enable our corporate clients in Indonesia to connect more efficiently with their customers and beneficiaries, and in the process, further financial inclusion in the country.”
Straight2Bank Wallet is currently also available in Kenya, Nigeria, Tanzania, Zambia, Pakistan, Bangladesh, the Philippines and Thailand. Standard Chartered also intends to expand the offering to other relevant countries across its footprint of Asia, Africa and the Middle East.