The digital ecosystem in Indonesia is developing at a rapid rate and in efforts to maintain data security and protect the public from fraudulent activities, regulations have been introduced that place Bank Indonesia (BI) and Indonesia’s Financial Services Authority (OJK) in charge of issuing licenses for Fintech businesses.
In recent news covered by local and regional newswires, licenses to operate fund transfers and remittances have been issued to Berkah Digital Pembayaran, a Surabaya-headquartered Fintech firm, and Alchemy Pay, a fiat-crypto gateway based in Singapore, according to TechInAsia.
Founded in 2018, Alchemy Pay creates payment gateways for transactions between fiat money and cryptocurrency, which can be integrated into blockchain and Web3 platforms. The firm’s system supports Visa, Mastercard, Apple Pay, and Google Pay as well as regional wallets like GCash in the Philippines and Ovo in Indonesia, say TechInAsia.
Berkah Digital Pembayaran is primarily known for its core offering, BDPay. The platform enables clients to shift funds to multiple accounts and transfer e-money to 136-banks in Indonesia at a relatively low price. It also provides a virtual account that can be topped up.
After Singapore, Indonesia is Southeast Asia’s second-largest fintech market. Non-cash payments increased by 30-percent between 2016 and 2021, and by 2030, they are expected to grow fivefold.
Source: TechInAsia, OJK