October 11, 2022

Brick Collaborates with Visa to Drive Financial Inclusion and Literacy through Open Data

A survey conducted by Indonesia’s Financial Service Authority (OJK) finds that the financial inclusion index reached 76.19%. The country has set a target to achieve 90% financial inclusion by 2024.

Financial inclusion and financial literacy are critical to drive Indonesia’s economy. Lack of access to formal financial services hinders the population’s ability to access capital, limiting their growth potential.

In the spirit of driving financial inclusion in Indonesia, Visa, the world leader in digital payments, collaborated with Brick, the Open Data platform, by providing additional data points for financial services.

Brick is an Open Data solution that enables end-users to safely and securely share data with fintech applications, currently serving more than 50 clients across different verticals such as P2P lending, multifinance, personal finance applications and bookkeeping.

The collaboration allows financial services, with user consent, to retrieve end-users’ aggregated card transaction data made using Visa debit/credit card, which can then be used for innovative credit scoring, or financial data aggregation use cases.

The collaboration is aimed at supporting the acceleration of financial inclusion and literacy in Indonesia by empowering fintech innovators to build and offer more personalised and inclusive financial products to its users.

Gavin Tan, CEO and Founder of Brick, stated, “We have recognized that financial inclusion is the major aspect that we need to support in accelerating Indonesia’s economic growth. Through the strategic collaboration between Brick and Visa, we are committed to achieve that by providing seamless and secured fintech infrastructure which enables financial inclusion for underserved communities, such as gig workers. We will also continue to strive on delivering a better data infrastructure to improve personalised insights for the fintech industry.”

About Brick

Brick is an Open Data solution that enables end-users to safely and securely share data with their favorite apps. Brick is a hyper-local solution to connect to data that matters - from e-commerce to card transaction data.

By building the underlying data infrastructure, Brick champions financial inclusion and literacy in Indonesia, through digital innovation.

Brick is backed by leading global investors such as Flourish Ventures, Better Tomorrow Ventures, Antler, and founders and executives from TrueLayer, Plaid, Aspire, Modalku, BukuWarung.

For more information, visit www.onebrick.io

Brick is a financial infrastructure layer that provides fintech developers with the API keys they need to create easy and accessible experiences for their users. By delivering access to the financial system, we aim to empower innovators to build amazing products solving big problems thereby democratising financial services in Southeast Asia.
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