Alchemy Pay, a cryptocurrency payment gateway and PT Berkah Digital Pembayaran, a fin-tech firm, have obtained a joint license in Indonesia to provide cost-effective remittance services for users of digital currencies.
As a result of the partnership, customers will be able to transfer funds using digital currencies at lower fees compared to traditional remittance methods. This move by Alchemy Pay is expected to facilitate the adoption of cryptocurrencies in Indonesia, which is currently the largest economy in Southeast Asia.
Alchemy Pay, a fiat-to-crypto payment provider based in Singapore, is expanding its services in Asia with new regulatory approval in Indonesia. PT Berkah Digital has been listed as a payment service provider under license category three on the official website of Bank Indonesia.
Alchemy Pay is best known for its B2B crypto payment platform, which provides local and cross-border remittance services to retail and corporate clients. Additionally, it is believed that the licensing agreement will help to increase the credibility of digital currencies in the country and promote their wider use for financial transactions.
The cryptocurrency on-ramp provided by Alchemy Pay accepts payments via Mastercard, Visa, Google Pay, Apple Pay, and a number of other regional mobile wallets such as BDPay. So far, the platform is available in 173 countries.