Alchemy Pay has secured a license from the Indonesian central bank to run fund transfers and remittances in collaboration with regional fintech company Berkah Digital Pembayaran.
The licenses, which the Indonesian central bank granted jointly to Alchemy Pay and Berkah Digital’s platform BDPay, allowed the companies to offer improved payout ways and lower associated operating expenses, according to an announcement made by Alchemy Pay on February 27.
Alchemy Pay, a supplier of fiat-to-crypto payments, is extending its services in Asia after receiving new regulatory authorization in Indonesia.
Data from Bank Indonesia’s official website shows that Berkah Digital is categorized as a third-license category payment service provider.
The company is well known for its BDPay platform, which provides local and international remittance services to retail and corporate clients. The website also offers client payroll services and transfers via bank APIs, enabling users to transfer to any of Indonesia’s 136 banks.
The cryptocurrency on-ramp offered by Alchemy Pay accepts payments made with various regional mobile wallets, including BDPay, Mastercard, Visa, Google Pay, and Apple Pay. The platform is currently used in 173 nations.
Alchemy Pay, a significant global crypto-to-fiat payment network 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 blockchain. The Alchemy Pay network relies heavily on ACH for transaction fees, network rewards, and other operations.
