[ad_1]
Alchemy Pay and BDPAY Berkah Digital have obtained a joint license from Bank Indonesia to operate fund transfers and remittances for residents.
In a statement on the Alchemy Pay blog, the license obtained is a Payment Service Provider – Category 3 License, which will allow digital currency service providers to dabble in mainstream financial services. A quick search of the central bank’s portal reveals the license’s status as operational, giving Singapore-based Alchemy Pay access to Indonesia’s financial ecosystem.
“Alchemy Pay, and fintech company, PT Berkah Digital Payments, announced that they have jointly obtained an Indonesian license issued by Bank Indonesia to operate remittances and fund transfers. This license will greatly enhance these entities’ ability to pay to end users and clients across Asia as well as reduce the costs of operating their payment services,” reads the announcement.
Alchemy Pay, founded in 2018, is a payment solution provider that seamlessly connects users to fiat and digital currencies. In addition to providing digital payment on-and-off ramps, Alchemy Pay enhances its offering with a non-fungible token (NFT) checkout to a DLT-based platform.
It seems that the collaboration between the two entities will rely on BDPay Berkah Digital, which will allow users to send funds to multiple accounts at much lower fees than conventional methods. With the ability to connect bank APIs, BDPay users can transfer and receive funds from more than 130 banks in Indonesia with transfers on the same day.
It is widely expected that their combination of features will enable platform users to purchase digital assets using fiat currency. Alchemy Pay’s on-ramp support for Apple Pay, Google Pay, Mastercard (NASDAQ:MA), and several regional mobile wallets is said to provide Indonesians with plenty of choices.
Sweeping change but still running a tight ship
Indonesia’s financial regulators are scrambling to fix the flawed digital currency industry that bore the brunt of the Terra and FTX booms. To avoid a repeat of the losses suffered by Indonesians, new regulations were thrown into the ecosystem, the most poignant of which was the proposed classification of digital assets as securities.
“We have to admit that this shift has shown a good understanding from regulators that crypto assets are broader than just trading,” said Asih Karnengsih, an executive at ABI.
Other changes put together by the regulator include rules for at least two-thirds of digital currency company boards to be made up of Indonesians and a requirement for companies to use third-party services to hold customer funds.
Watch: Making Blockchain Easy for Real-World Use
https://www.youtube.com/watch?v=0VSsozyJNQI width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>
New to Bitcoins? Check out CoinGeek Bitcoins for Beginners section, the ultimate resource guide for learning more about Bitcoin—as Satoshi Nakamoto originally envisioned it—and the blockchain.
[ad_2]
Source link
