Alchemy Pay obtains license from the Central Bank of Indonesia

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Key takeaways:

  • Alchemy Pay and BDPay received a joint license from Indonesia to conduct business in the remittance and money transfer sectors.
  • For customers who use cryptocurrencies, Alchemy Pay has collaborated with an Indonesian fintech business to offer affordable remittances.

Alchemy Pay has secured a license from the Indonesian central bank to run money transfers and remittances in collaboration with regional fintech company Berkah Digital Pembayaran.

The licenses, which Bank Indonesia granted jointly to Alchemy Pay and Berkah Digital’s platform BDPay, allowed the companies to offer better payout methods and lower associated running costs, according to an announcement by Alchemy Pay on February 27.

Alchemy Pay, a provider of fiat-to-crypto payments, is extending its services in Asia after receiving new regulatory clearance in Indonesia. Through its BDPay service, PT Berkah Digital Pembayaran will directly link with 136 bank APIs to make it simpler and less expensive for its users to send money across the region. 

Alchemy Pay will similarly offer on-ramp support for users in Indonesia to swiftly and securely buy cryptocurrency using their fiat currency funds. According to Alchemy, the joint license acquired with PT Berkah Digital Pembayaran will aid in accelerating the uptake of cryptocurrencies in Asia.

Data from Bank Indonesia’s official website shows that Berkah Digital is designated as a third-license category payment service provider. The company is best known for its BDPay platform, which provides retail and corporate customers with local and international remittance services. The platform also offers client payroll services and transfers via bank APIs, enabling users to move to any of Indonesia’s 136 banks.

The altcoin on-ramp offered by Alchemy Pay accepts payments made with various regional mobile wallets, including BDPay, Mastercard, Visa, Google Pay, and Apple Pay. The app is currently used in 173 nations.

Alchemy Pay, a powerful worldwide crypto-to-fiat payment platform founded in 2018 in Singapore, is well-known for collaborations with crypto juggernauts like Binance exchange. The company also manages Alchemy Pay (ACH), a utility token released on the Ethereum network. The Alchemy Pay network relies heavily on ACH for transaction fees, network incentives, and other operations.

Alchemy’s native token (ACH) has increased by over 7% in the last 24 hours due to the news. The new support for Google Pay is directly responsible for the increase in ACH price, which led to ACH reaching a regional high of $0.04.

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