In brief: Fintech startup obtains remittance licence in Singapore, Indonesia

After securing a pre-series A round led by Beenext, Wallex Technologies is announcing its entry into Indonesia. The Singapore-based startup has obtained a remittance license from the Monetary Authority of Singapore and a money transfer license from Bank Indonesia.

Source: Press release

Wallex Indonesia has created an easy-to-use online dashboard that enables users to view and lock-in rates, create payment instructions, and upload relevant documents.

The Singapore-based startup, which focuses on small to-medium-sized enterprises, says that a majority of its Indonesian customers come from the import sector. Wallex also caters to users who make cross-border payments such as school fees.