Alchemy Pay Scores License to Expand in Indonesia
Jessie A Ellis Mar 02, 2023 09:21
Alchemy Pay has obtained a license from the central bank of Indonesia to operate remittance and fund transfers in cooperation with local fintech firm Berkah Digital Pembayaran. The license allows the firms to offer better payout methods and reduce associated operating costs.
A license to execute remittance and financial transfers in partnership with a local fintech business, Berkah Digital Pembayaran, has been issued to cryptocurrency payment service Alchemy Pay by the central bank of Indonesia. This license will allow Alchemy Pay to work with Berkah Digital Pembayaran. Both Alchemy Pay and BDPay were granted permission to use this license, which enables them to improve the payment ways they provide customers and lower their overall operating expenses.
In addition to providing local and cross-border remittance services, client payroll services, and transfers through bank application programming interfaces, Berkah Digital Pembayaran is a payment service provider. According to information gleaned from the official website of Bank Indonesia, the business was recently included on a list as a payment service provider falling under licensing category three. Transfers to any of Indonesia's 136 banks may be made using the BDPay platform by retail and business customers alike.
Due to the acquisition of this license, the cryptocurrency on-ramp offered by Alchemy Pay is now able to enable payments made using Mastercard, Visa, Google Pay, Apple Pay, and other regional mobile wallets such as BDPay. At this time, operations are being carried out in 173 countries, and the organization is well-known for its relationships with big crypto giants like as the Binance exchange.
The acquisition of the license is a major achievement for Alchemy Pay as the company works to expand its service offerings throughout Asia and bolster its standing in the cryptocurrency payment sector. The firm began operations in 2018 in Singapore and manages its own utility token known as Alchemy Pay (ACH), which is issued on the Ethereum blockchain. The company was founded in 2018. The Automated Clearing House (ACH) system is an essential component of the Alchemy Pay network, since it is responsible for the provision of transaction fees, network incentives, and other operations.
In conclusion, the license that was awarded to Alchemy Pay and BDPay by the central bank of Indonesia allows the firms to provide improved payment ways while simultaneously lowering their operational expenses. This license is an important milestone for Alchemy Pay as it continues to extend its service offerings across Asia and improves its position within the bitcoin payment sector.
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