Alchemy Pay has partnered with a local fintech in Indonesia to offer low-cost remittances for crypto users.
Alchemy Pay, in partnership with local fintech firm Berkah Digital Pembayaran, has obtained a license from the Central Bank of Indonesia to perform remittances and fund transfers.
Alchemy Pay Expands Its Services in Asia
Announcing on February 27, Alchemy Pay stated that Bank Indonesia jointly awarded the licenses to Alchemy Pay and Berkah Digital’s platform BDPay, allowing firms to offer better payment methods and reduce associated operating costs.
According to data on Bank Indonesia’s official website, Berkah Digital is listed as a payment service provider under the third license category. The firm is primarily known for its BDPay platform, which provides local and cross-border remittance services to retail and corporate customers. The platform also offers customer payroll services and transfers via bank application programming interfaces, allowing users to make transfers to 136 banks in Indonesia.
Alchemy Pay’s cryptocurrency platform, on the other hand, supports payments through a number of regional mobile wallets including Mastecard, Visa, Google Pay, Apple Pay and BDPay. The platform operates in 173 countries so far.
Founded in Singapore in 2018, Alchemy Pay is a major global crypto-fiat payment platform known for its partnerships with crypto giants like Binance. The firm also operates its own utility token, Alchemy Pay (ACH), which is issued on the Ethereum blockchain. ACH is an essential part of the Alchemy Pay network and manages transaction fees, network rewards and other processes.
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