Alchemy Pay Gets License From Bank Indonesia For Remittance Operations And Fund Transfers

Alchemy Pay has obtained a license from Bank Indonesia to operate remittances and fund transfers. (photo: twitter @AlchemyPay)

JAKARTA - Alchemy Pay has obtained a license from Bank Indonesia to operate remittances and fund transfers in collaboration with a local fintech company, Berkah Digital Payment.

In an announcement on Monday 27 February, Alchemy Pay stated that Bank Indonesia issued simultaneous licenses for Berkah Digital's Alchemy Pay and the BDPay platform, which allows companies to offer better payment methods and reduce related operational costs.

Fiat-to-crypto payment provider Alchemy Pay is expanding its services in Asia by obtaining new regulatory approval in Indonesia. According to data from the official Bank Indonesia website, Berkah Digital has been registered as a payment service provider under the third licensing category.

The company is known for its BDPay platform, which offers local and cross-border remittance services for retail and corporate clients. The platform also provides client salary services and transfers through bank application programming interfaces, allowing users to transfer to 136 banks in Indonesia.

Exciting news! #AlchemyPay and @mybdpay have jointly received license from the Central Bank of Indonesia to operate remittances and fund transfers.Read more at: https://t.co/FFkC5Jvv2Y$ACH

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) February 27, 2023

Crypto entry to fiat Alchemy Pay supports payments through Mastercard, Visa, Google Pay, Apple Pay, and several regional mobile wallets such as BDPay. The platform currently operates in 173 countries.

Founded in 2018 in Singapore, Alchemy Pay is a leading global crypto-to-fiat payment platform known for its partnership with crypto giants such as the Binance exchange.

The company also operates its own utility token, Alchemy Pay (ACH), which is published on the Ethereum blockchain. ACH is an important part of the Alchemy Pay network, providing transaction fees, network prizes, and other processes.

In Indonesia, the Commodity Futures Trading Supervisory Agency (CoFTRA) has granted operating permits for several crypto trading providers. Currently, there are five crypto trading platforms that are officially operating in Indonesia, namely:

To the public, it is recommended to use a crypto trading platform that has obtained permission from CoFTRA to maintain security and protect oneself from the risk of fraud. In addition, it is also important to understand the risks and basic principles of crypto trading before starting investment in this area.