July 28, 2022
Brick has been officially registered as Digital Financial Innovation (IKD) - Transaction Authentication Cluster under Indonesia’s Financial Services Authority (OJK). This recordation strengthen our commitment to continue democratizing financial access and expanding Financial inclusion in Indonesia, as well as delivering safe and secure solutions to meet data protection and security standards.
With Brick’s transaction authentication and verification service provided, financial service institutions such as banking, BPR/BPD, multifinance and P2P lending get to identify and verify customers digitally using alternative data sources. This also speeds up the know-your-customer (KYC) process without meeting customers face-to-face.
The implementation of digital financial innovations such as Brick needs to be continuously supported as the level of financial inclusion in Indonesia in 2021 only reached 83.6% while the government plan to reach 90% financial inclusion in 2024.
With its registration, the services and business model offered by Brick will be fully supervised by OJK. This means that Brick will provide a higher guarantee of security and consumer data protection for partners and end consumers who use its services.
Gavin Tan, CEO & Co-Founder of Brick stated that Brick continues to be committed to developing services by partnering with other companies to achieve the target of financial inclusion in Indonesia.
“Brick is committed to democratizing access to financial services in Indonesia. We believe that by building a technology infrastructure to identify and verify user’s data, we will make it easier for financial institutions to provide services to various segments of Indonesian society,” said CEO & Co-Founder of Brick, Gavin Tan.
Aside from being recorded under OJK, Brick has previously obtained ISO:27001:2013 certification. This certification indicates that Brick has implemented best practice in international information management system standards. In the future, Brick will increase the scope of ISO 27001 certification in the Transaction Authentication realm as a form of Brick compliance to continuously improve consumer data protection and security standards.
OJK Continues to Encourage Innovation in the Financial Sector with IKD
Digital Financial Innovation (IKD) is under OJK Regulation Number 13/POJK.02/2018, which is intended as an activity to update business processes, business models, and financial instruments that grant new added value in the financial services sector by involving the digital ecosystem through the regulatory sandbox.
Meanwhile, the transaction authentication cluster contains businesses that provide a platform with customer identification and verification services using alternative data. Brick becomes one of them, which has been recorded as a prototype company for IKD services under OJK.
The Executive Director of OJK Digital Financial Innovation Group, Triyono Gani, appreciated Brick's collaboration in complying the entire OJK IKD process which had been running 'til the end. Hence, he gave Brick his approval as one of the recorded IKD that could participate in the OJK regulatory sandbox.
“This is great! I really appreciate every business who are willing to cooperate in participating in the OJK IKD process. Without any cooperative action or cooperation, it is impossible for friends to reach this important stage and be able to participate in the OJK regulatory sandbox,” said Triyono when giving his speech.
In response, Gavin Tan said that he was honored for the appreciation and support which had been given by Triyono Gani to Brick. This will be a motivation for Brick to continue providing financial innovation by meeting customer data protection and security standards.
“We are thankful to OJK for supporting us towards the development of our transaction authentication product. We are committed to continuing to develop our products to cover more consumers and continue to meet data protection and security standards” replied Gavin, CEO & Co-Founder of Brick.
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