As of 2021, Indonesian remittances are not having a large impact on the country’s economy. In an attempt to improve this and improve the general ability to transfer funds, the Central Bank of Indonesia has issued two licenses to fintechs to operate remittances and fund transfers. These fintechs in question are fiat-crypto gateway, Alchemy Pay, and fintech firm, PT Berkah Digital Pembayaran.
These licences will greatly increase the ability for these entities to payout to end users and clients across Asia as well as reduce the operating costs of their payment services. Berkah Digital has been listed as a Payment Service Provider – License Category 3 on the Bank Indonesia official site. It can be found by searching ‘Berkah Digital’.
Singapore-based Alchemy Pay is known for its provision of on and off-ramps, crypto payments, and NFT checkout to Web3 platforms. PT Berkah Digital Pembayaran operates from Indonesia in the field of financial technology. It is known primarily for BDPay that helps clients to transfer to multiple accounts and electronic money at a lower price than conventional methods. Additionally, it provides a virtual account for the topup method.
Alchemy Pay’s on-ramp supports Mastercard, Visa, Google Pay, Apple Pay and multiple regional mobile wallets and domestic transfers in 173 countries. This allows users to purchase crypto quickly, easily, and securely using their fiat currency funds. The Singapore-based fiat-crypto payment gateway is taking crypto accessibility to the next level. Doing so with direct-to-customer services with its on and off-Ramp and NFT checkout. These ramp payment solutions have been integrated by numerous Web3 platforms and cryptocurrency token issuers of all sizes.
Rollout in Asia and LatAm
It supports particularly high utility in Asia and Latin America by supporting highly popular regional payment methods in emerging markets. Such as GCash in the Philippines; OVO and Dana in Indonesia; Pix in Brazil. As a result of jointly obtaining licences with PT Berkah Digital Payments, it will greatly add to its capabilities in Asia, where crypto adoption is high.
The success of Alchemy Pay has been built around a truly global network of payment and remittance partners. This is in addition to acquirers, token issuers, blockchain networks, exchanges, and crypto platforms across all sub-sectors of the industry. Like PT Berkah Digital Payments, the team has a wealth of talent with expertise. Especially in traditional finance, fintech payments, and blockchain technology. These will help it to realise its payment solutions.