Brick Acquires Remitance Companies And Launches Transaction Management Products

Photo: Doc. Brick

Brick, along with its strategic partners in Indonesia, has acquired a majority stake in PT Eastern Global Remittance (ETR), the license owner of the Category 3 Payment Services Provider (PJP) for the remittance service 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.

Along with Indonesia's rapid economic growth, financial management is often a major burden for business owners who want to transform their operations. Challenges such as complicated administrative processes and erratic cash flows often hinder performance and limit space for movement to innovate.

Answering this fact, Brick comes with various breakthroughs through the digital financial product ecosystem to free business owners from the shackles of financial administration. So that they can focus on pursuing aspirations and realizing the dream of building a tough business and contributing to the progress of the nation.

Brick co-Founder and CEO Gavin Tan said in a written statement on Thursday, October 12, that this acquisition is a strategic step for Brick to provide more innovative business payment solutions for its customers.

"We will take advantage of the advantages we have in the field of technology and payment infrastructure to provide easier, faster, and more affordable transaction experience for business people in Indonesia through technology," said Gavin.

Brick is working with licensed partner ecosystems to launch three business payment solutions for the company.

How come BrickPay helps the process of sending money to many destinations at once with one click. Its flagship features include payment links with automatic reminders; calculation and disbursement of salaries one click; and mass disbursement.

BrickFlex is a flexible paylater facility, supported by licensed partners, that allows business owners to accelerate business growth without having to worry about cash flow instability.

Brick Financial API is the Application Programming Interfaces (API) or a set of developer-friendly application programming interfaces that allow technology-backed businesses to integrate BrickPay into their existing systems and business processes smoothly.

Realizing that transformation and digitization are accelerating in various sectors, Gavin stressed that Brick's latest products are designed to assist in business transformation in Indonesia so that they can navigate their financial journey with confidence and develop as a new economic power.

"We want to help those who are often burdened with complicated financial administration to focus more on developing their business and achieving aspirations as economic power in the future. Until now, Brick has helped businesses in Indonesia process payments of around US$200 million per year, and we look forward to increasing this number exponentially in the years to come," said the man who is familiarly called Gavin.

Innovation development at Brick not only focuses on integrating financial products in one ecosystem, but also ensures that the experience of managing overall finance is a satisfying experience with guarantees of affordable, stable, and high-security services.

TY Silalahi, Brick's Head of Operations, revealed that the cloud-based payment infrastructure and orchestration machines promoted by the Brick ecosystem combine several encrypted payment systems.

"And prioritize our client's business to always get the most efficient costs, the largest transfer limits, fastest deliveries, and daily services that are always available within 24 hours," he said.

The acquisition of this Category 3 Payment Services Administering License (PJP) shows Brick's ongoing commitment to compliance and commitment to working with regulators in launching innovative products. In 2022, PT Brick Teknologi Indonesia (also known as BOIVA) was successfully recorded and supervised by the Financial Services Authority (OJK) as a prototype company for Digital Financial Innovation (IKD) services to encourage financial inclusion.

With the acquisition of a payment license, Brick is one of the few fintech groups that has a permit from Bank Indonesia and the Financial Services Authority (OJK).

Combining support from regulators, cutting-edge technology, and approaches that understand the specific needs of business people, Brick wants to open up more business growth opportunities while accelerating financial inclusion across Indonesia.