4 FinTechs powering Open Banking in Indonesia

By Gloria Mathias

Indonesia’s rapidly growing digital economy and sizeable unbanked population have set the stage for open banking to thrive. With FinTech innovations rising across Southeast Asia, open banking is providing a new financial infrastructure that connects businesses, consumers, and financial institutions. As regulations evolve, FinTechs are capitalizing on this momentum, offering seamless access to financial data and services that empower businesses to provide personalized, efficient, and inclusive financial products.

Open banking enables third-party financial service providers to securely access customer data from banks via APIs, promoting innovation and improving the customer experience. In Indonesia, FinTechs are making a difference by expanding financial access, improving transparency, and enhancing payment services for millions of people and businesses, transforming the economic landscape.

Listed below are 4 FinTechs driving Open Banking Innovation in Indonesia:

• Ayoconnect

Ayoconnect is an API-driven FinTech platform that enables businesses to embed financial services directly into their apps. With a vast network of API connections across financial institutions, Ayoconnect helps companies integrate payment solutions, credit scoring, and billing seamlessly. Ayoconnect stands out for its broad API catalogue that supports not only open banking but also recurring payments, credit services, and real-time bill payments. This allows businesses to offer a variety of financial services through one integration.

• Brankas

Brankas is a leading open banking fintech in Southeast Asia, offering API-driven solutions for payments, financial data access, and embedded finance. The company provides developers with tools to build and scale financial products easily. Brankas’ real-time payment APIs and data aggregation services enable businesses to directly access users’ bank account data, providing personalized services like instant credit scoring and direct debit payments. Its emphasis on bank-grade security and easy integration sets it apart from other platforms.

• Brick

Brick provides open banking APIs that allow businesses to access and integrate financial data, enabling them to build products in lending, payments, and personal finance. Brick’s platform collects financial data directly from banks and other financial service providers securely. Brick is unique for its broad data coverage, including access to both traditional bank accounts and alternative data sources like e-wallets and gig economy platforms. This enables businesses to serve a wider audience, including the unbanked and underbanked populations in Indonesia.

• Finantier

Finantier is an open banking fintech that focuses on financial data-sharing and credit scoring. It allows businesses to access consumer financial data from various sources to improve the accuracy of their services, particularly in credit assessment and lending. Finantier’s strength lies in its deep focus on credit scoring and alternative data collection, which helps fintechs and financial institutions offer more inclusive financial products to users without traditional banking histories. It is a go-to for businesses looking to tap into the underbanked population with limited financial footprints.