Brick Acquires Remittance Company and Launches Transaction Management Products to Support Business Transformation in Indonesia
Jakarta - Brick, together with its strategic partners in Indonesia, has acquired a majority stake in PT Eastern Global Remittance (ETR), holder of a Category 3 Payment Service Provider (PJP) license for money transfer services from Bank Indonesia. In partnership with ETR, Brick (onebrick.io) will launch three business payment products to support more efficient business transactions and cash flow management for business owners in Indonesia.
With Indonesia's rapid economic growth, financial management often becomes a major burden for business owners looking to transform their operations. Challenges such as complicated administrative processes and uncertain cash flows often hinder performance and limit room for innovation. Addressing this reality, Brick presents various breakthroughs through a digital financial product ecosystem to free business owners from the shackles of financial administration. This enables them to focus on pursuing aspirations and realizing dreams of building resilient businesses that contribute to national progress.
Brick's Co-Founder and CEO, Gavin Tan, said that this acquisition is a strategic step for Brick to provide more innovative business payment solutions for its customers. "We will leverage our advantages in technology and payment infrastructure to provide an easier, faster, and more affordable transaction experience for business players in Indonesia through technology," said Gavin.
Brick collaborates with licensed ecosystem partners to launch three business payment solutions for companies:
- BrickPay helps process money transfers to multiple destinations simultaneously with one click. Its key features include payment links with automatic reminders; one-click salary calculation and disbursement; and mass disbursement.
- BrickFlex is a flexible pay-later facility, supported by licensed partners, enabling business owners to accelerate business growth without worrying about cash flow instability.
- Brick Financial API is a developer-friendly Application Programming Interface set that allows technology-supported businesses to seamlessly integrate BrickPay into their existing business systems and processes.
Recognizing the accelerating transformation and digitalization across various sectors, Gavin emphasizes that Brick's latest products are designed to accompany business transformation in Indonesia so they can navigate their financial journey confidently and develop as new economic forces.
"We want to help those often burdened with complicated financial administration to focus more on developing their businesses and achieving aspirations as future economic forces. To date, Brick has helped businesses in Indonesia process payments of around US$200 million annually, and we hope to increase this amount exponentially in the coming years," said Gavin.
Innovation development at Brick focuses not only on integrating financial products within one ecosystem but also ensures that the overall financial management experience is reassuring with guaranteed affordable, stable, and highly secure services.
Donnie Silalahi, Head of Operations at Brick, revealed; "The cloud-based payment infrastructure and orchestration engine powered by Brick's ecosystem combines several encrypted payment systems and prioritizes our client businesses to always get the most efficient costs, largest transfer limits, fastest delivery, and 24-hour daily service availability."
This acquisition of the Category 3 Payment Service Provider (PJP) license demonstrates Brick's ongoing commitment to compliance and collaboration with regulators in launching innovative products. In 2022, PT Brick Teknologi Indonesia (also known as BOIVA) was successfully registered and supervised by the Financial Services Authority (OJK) as a prototype company for Digital Financial Innovation (IKD) services to promote financial inclusion. With the payment license acquisition, Brick becomes one of the few fintech groups licensed by both Bank Indonesia and the Financial Services Authority (OJK).
Combining regulatory support, cutting-edge technology, and an approach that understands business players' specific needs, Brick aims to open more business growth opportunities while accelerating financial inclusion throughout Indonesia.
About Brick
Brick (www.onebrick.io) is a provider of business transaction management and financial API services to modernize financial operations for businesses in Indonesia. Brick offers an integrated solution comprising payment platforms, flexible lending facilities, and automated business process services. This product is designed to free companies from complicated financial administrative burdens, allowing them to focus and achieve maximum growth potential.