By George Ward
Alchemy Pay, in conjunction with the Indonesian financial technology company Berkah Digital Pembayaran, has successfully applied for and been granted a license to operate in Indonesia’s remittances and fund transfer markets.
Per an official statement, Alchemy Pay, the fiat-to-cryptocurrency payment gateway, and PT Berkah Digital Pembayaran, a fintech company, have gotten Indonesian licenses from the Central Bank of Indonesia. Thus, the two firms can offer remittances and money transfer services.
After receiving a new regulatory license in Indonesia, Alchemy Pay is expanding its service offerings across Asia. As a result of these licenses, users in this region can use the company’s payment services at affordable costs.
Providing Affordable Payment Services
Berkah Digital was reportedly included on the list of payment service providers operating under license category three, as shown by information obtained from the official website of the Central Bank of Indonesia. The BDPay platform is the company’s well-known product since it provides retail and business customers with local and international money transfer services.
BDPay enables users to transfer money to any of Indonesia’s 136 banks, including client payroll services. Also, it makes same-day transfers easier and has created assistance for community needs in Indonesia with agents located all over the country.
As of right now, the platform is available in 173 countries.
Easing Crypto Payment Settlements
Launched in Singapore in 2018, Alchemy Pay’s platform bridges the gap between cryptocurrency and traditional monetary transactions, making DeFi services easily accessible. Thus, users can settle their payment transactions using cryptocurrencies.
Alchemy Pay is in partnership with the world’s largest crypto exchange, Binance exchange, e-commerce giant Shopify, software technology firm Arcadier, mobile payment service QFPay, and other top brands in eighteen countries.
The news has positively affected the price of Alchemy Pay’s native token, ACH. ACH trades at $0.039, up 3.4% in the last 24 hours.
The crypto remittances market is one of the biggest sub-markets in the crypto industry. This partnership further proves that many crypto industry players are expanding their businesses globally to explore this vast market.