Shadine Taufik · · 2 min readPayerMax subsidiary receives payment license in Indonesia
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Smart Fintech For You, the Indonesian subsidiary of Singapore-headquartered firm PayerMax, has received a payment license from the Central Bank of Indonesia.
The development will allow PayerMax to double down on Indonesia, as it operates as a licensed payment service provider. The company already supports bank transfers, card payments, e-wallets, over-the-counter payments, and telco operator payments in the country.
Indonesia, whose digital economy is projected to be worth US$130 billion by 2025, is a key market for PayerMax. Its expansion in the country has also been propelled by the recent launch and fast adoption of the National Open API Payment Standard (SNAP), as well as QRIS, the country’s QR code system.
PayerMax enables businesses to offer a wide variety of localized payment systems through a single API. The startup, which was founded in 2020, has staff across 14 countries and regions, with its business spanning 83 locations.
It also serves over a thousand merchants worldwide and supports more than 70 currencies across 530 payment methods.
The fintech firm has been granted payment licenses in other key markets, which include the United Arab Emirates, Hong Kong, Thailand, and the Philippines.
In January, it was awarded the major payment institution license by the Monetary Authority of Singapore. This allowed PayerMax to operate cross-border and domestic money transfers, as well as merchant acquisition services.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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