Searce and Ayoconnect Synergize to Improve Financial Solutions Through Open Banking
October 20, 2022
Accelerate Financial Inclusion and Digital Ecosystem in Indonesia
Jakarta, 11 October 2022 ---- Searce, a technology consulting firm focused on cloud solutions, artificial intelligence, and data analytics, announced a strategic partnership with Ayoconnect, Southeast Asia's largest Open Finance platform company. This collaboration aims to accelerate Indonesia’s banking digitalization by utilizing Application Programming Interface (API) technology.
This partnership commemorates Searce's strategy to become a leading IT technology consultant by helping businesses of all sizes to improve effectiveness, efficiency, and profitability.
The joint collaboration of Searce and Ayoconnect will further support financial institutions, startups, and businesses from various sectors to quickly launch digital products and enable widening financial services access to achieve the target of 90% financial inclusion by 2024 in Indonesia.
Benedikta Satya, Country Director of Searce in Indonesia stated, "The new wave of digital disruption is driving companies to innovate faster so that they can support customers better. Searce has taken an important part in Ayoconnect's digital transformation journey to provide digital products and financial services across Southeast Asia."
"The existence of emerging technologies such as cloud and big data analytics enable companies like Ayoconnect to improve the quality of products and services, nurture a sustainable system, and achieve improvement to support more than 200 companies that are integrated to Ayoconnect’s API," added Benedikta.
Business transformation through digitalization will accelerate the growth of the cloud technology industry in Indonesia, which is predicted to support the market value of Indonesia's digital economy to be worth USD 146 billion by 2025.1
She further explained that the Open Banking API has become one of the strategic success factors for the digital transaction business model in the financial sector. Furthermore, the collaboration that is essential in the API ecosystem could foster collaboration and data sharing that is in compliance with the regulation of technology adoption.
"As a result, digital intelligence must be promoted, not only as a modern platform, but also as a supporter to build a data integration platform, build connectivity, and personalize financial services towards a cashless society," Benedikta concluded.
Ayoconnect Solution Innovation Supported by Apigee API Management
Founded in 2016, Ayoconnect provides technology-based financial infrastructure that enables companies to quickly and easily deliver digitized financial services to their customers. Ayoconnect employs more than 270 employees spread across six countries.
In line with the significant increase in demand for the Business to Business (B2B) module for improved customer transactions and traffic adoption, Ayoconnect needed to increase its infrastructure capacity that is able to endure changes that occur quickly without burdening the team and performance.
In previous cloud environments, business infrastructure and DevOps teams had to manually add new nodes and virtual machines, preventing them from activities that could provide more value to the business. Now, through architecture optimization enabled by Google Cloud, Ayoconnect is able to keep a lean team and efficient maintenance and development costs.
With the support of Apigee API Management which is part of the Google Cloud Platform (GCP), Ayoconnect can design, secure, and scale various API-based financial infrastructures. As of now, Ayoconnect can support services as much as 1,000 times in API hits compared to previous B2C iterations and can reduce the burden on DevOps teams, increasing efficiency by up to 70%.
Apigee is a management API that functions as a tool for modernizing applications and monetizing business channels. The use of this technology provides added value to Ayoconnect's business through an integrated Apigee API management solution. Apigee solutions can provide a good layer of security and solve the challenges of today's financial industry.
“The importance of transformation in the banking sector makes us continue to innovate in providing the best solutions. For this reason, collaboration with Searce is important in the growth of our business to help digitize financial transactions by adopting digital transformation in a better and more efficient way,” said Adi Vora, Co-Founder and CPTO, Ayoconnect.
With the support of Searce, Ayoconnect is ready to expand its market and focus on companies engaged in the banking, oil and gas and manufacturing sectors. This initiative can also create job opportunities for the younger generation and also to support the Indonesia Payment System Blueprint 2025 (BSPI 2025).
Searce is a modern technology consulting firm that supports various industries to futurify their business by leveraging cloud, AI and analytics. Searce has successfully moved 3,000+ clients to migrate to cloud technology.
Founded in 2016, Ayoconnect is Southeast Asia’s largest Open Finance API platform and the only licensed open finance platform in Indonesia having been awarded a Bank of Indonesia (BI) Payment Service Provider (PSP) Category 1 license.
The company is building full stack solutions with the mission to power the leading companies of today and tech unicorns of tomorrow. Its powerful embedded finance and data solutions help companies of all sizes to move forward quickly and launch banking and payment services within just a few weeks.
Ayoconnect’s tech solutions are trusted by more than 200 clients, including leading financial institutions and tech companies such as Bank BRI, Bank Mandiri, DANA and Bukalapak.
Headquartered in Jakarta, Indonesia, the company is backed by some of the world’s most respected VC firms including Tiger Global, SIG and PayU.