Indonesian fintech startup Brick plans to launch new products after acquiring a remittance company, while blockchain startup D3 Labs is set to establish a fishery exchange in partnership with state-owned company ID Food.
Brick to launch three B2B payment products with ETR
Brick, an Indonesian fintech application programming interface (API) provider, has acquired a majority stake in PT Eastern Transglobal Remittance (ETR), which owns a Category 3 Payment Service Provider (PJP) licence for remittance services. With ETR, Brick will launch three B2B payment products to support business transactions and cashflow management.
“We will leverage our existing advantages in technology and payments infrastructure to deliver a much easier, faster, and affordable transaction experience for businesses in Indonesia through technology,” said Brick co-founder and CEO Gavin Tan.
The three payment solutions include BrickPay, which will facilitate money transfer to many destinations at once; BrickFlex, which is a buy now, pay later facility [powered by licensed partners]; and Brick Financial API, which enables tech-enabled businesses to integrate BrickPay into their existing systems.
“We want to help those who are often burdened with convoluted financial administration to focus more on growing their business and achieving aspirations as the economic powerhouses of the future,” Tan continued. To date, Brick has helped clients process annual payments of around $200 million, he added.
Brick was founded in 2020 by an early employee of Singapore-based neobank Aspire’s Gavin Tan and Indian fintech firm Slice co-founder Deepak Malhotra. In February last year, it raised $8.5 million in a seed round led by Flourish Ventures and Antler. Other investors in the round included Trihill Capital, existing investors Better Tomorrow Ventures, and Rally Cap Ventures.
D3 Labs-ID FOOD partnership to launch fish exchange platform
Singapore-based blockchain startup D3 Labs has partnered with ID FOOD [PT Rajawali Nusantara Indonesia], a state-owned food holding company, to drive innovation in the Indonesian fishery sector through the use of blockchain technology. The collaboration aims to improve efficiency and transparency within the industry.
“We are delighted to collaborate with ID FOOD. We believe that blockchain technology has tremendous potential to revolutionise the fishery industry in Indonesia,” said D3 Labs co-CEO Tigran Adiwirya in a statement.
In order to improve transparency, the technology also offers many benefits to stakeholders in the fish supply chain, including fishermen, producers, traders, and consumers.
As part of the partnership, PT Perikanan Indonesia, a subsidiary of ID FOOD, will use the D3 Labs application to establish the Indonesia Fishery eXchange (IFX), a real-time fish exchange platform with blockchain technology as a form of digitalisation of conventional fish trade. This platform is expected to start operating shortly.
Founded in September 2022, D3 Labs is a programmable money infrastructure solution provider, powered by blockchain. In April this year, D3 Labs secured an undisclosed pre-seed funding from Saison Capital, Kinesys Capital, Arkana Capital, EX Capital, Qredo, and DS/X Ventures to support its MVP (minimum viable product) initiative.