Shadine Taufik · · 1 min readIndonesia’s central bank OKs joint license for local fintech firm, SG crypto player
Photo credit: amadeustx / Shutterstock
Berkah Digital Pembayaran, a Surabaya-headquartered fintech firm, and Alchemy Pay, a fiat-crypto gateway based in Singapore, have jointly received licenses from the Central Bank of Indonesia to operate fund transfers and remittances.
Founded in 2018, Alchemy Pay creates payment gateways for transactions between fiat money and cryptocurrency, which can be integrated into blockchain and Web3 platforms. The firm’s system supports Visa, Mastercard, Apple Pay, and Google Pay as well as regional wallets like GCash in the Philippines and Ovo in Indonesia.
Berkah Digital Pembayaran is primarily known for its core offering, BDPay. The platform enables clients to shift funds to multiple accounts and transfer e-money to 136 banks in Indonesia at a relatively lower price. It also provides a virtual account that can be topped up.
After Singapore, Indonesia is Southeast Asia’s second-largest fintech market. Non-cash payments increased by 30% between 2016 and 2021, and by 2030, they are expected to grow fivefold.
See also: The ‘jockeys’ traversing Indonesia’s fintech wilderness
Editing by Miguel Cordon and Eileen C. Ang
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