Heaptalk, Jakarta — Brick, together with its strategic partner in Indonesia (undisclosed identity), has acquired a majority stake in PT Eastern Transglobal Remittance (ETR), owner of a Category 3 Payment Service Provider (PJP) license for money transfer services of Bank Indonesia.
Following this strategic acquisition, this financial management startup will release its three payment products devoted to business owners in the archipelago, expecting to boost business transactions and cash flow management more efficiently.
Along with the significant growth of Indonesia’s economy, Brick Startup realized that financial management frequently becomes a considerable burden for business owners looking to transform their operations. Challenges such as complicated administrative processes and uncertain cash flows could have improved performance and restricted access.
For this reason, Co-Founder and CEO of Brick, Gavin Tan, affirmed that his team will simplify the operations of Indonesian business actors by utilizing the company’s advantages in technology and payment infrastructure to provide transaction experience affordably, conveniently, and more quickly.
In this acquisition, Brick will launch three business payment products for the company, including:
- BrickPay helps users send money to multiple purposes at once with one click, supported by several superior features, such as payment links with automatic reminders, one-click salary calculation and disbursement, and mass disbursement.
- BrickFlex facilitates a flexible pay-later payment method supported by licensed partners, allowing business owners to accelerate business establishment without being concerned with cash flow instability.
- Brick Financial Application Programming Interfaces (API) enables technology-enabled businesses to seamlessly integrate BrickPay into their existing systems and business processes.
Realizing that digital transformation continues to expedite in diverse sectors, Gavin emphasized that Brick’s latest product is designed to accompany Indonesia’s business transformation to navigate their financial reports confidently to develop as a new economic force. The company will launch its three most recent applications on Google Play and AppStore in the middle of October 2023.
“The cloud-based payment infrastructure and orchestration engine supported by the Brick ecosystem combines several encrypted payment systems and prioritizes our clients’ businesses to obtain efficient fees, the largest transfer limits, fast delivery, and a 24-hour daily service,” affirmed Head of Operations at Brick, Donnie Silalahi.
As additional information, Brick, also known as BOIVA, has been registered and supervised by Indonesia’s Financial Service Authority (OJK) as a prototype company for Digital Financial Innovation (IKD) services to encourage financial inclusion. In its journey, Brick has backed Indonesian businesses to process around US$200 million in payments annually. By performing this strategic move, the company aims to increase its previous growth in the coming year exponentially.
