Alchemy Pay, in partnership with local fintech company Berkah Digital Pembayaran, has obtained a license from the Central Bank of Indonesia to conduct payments and money transfers.
Receive joint license
Alchemy Pay has on February 27 announced that, along with Berkah Digital’s platform BDPay, it has jointly obtained licenses from Bank Indonesia. This enables both companies to offer better payout methods and reduce associated operating costs.
This new regulatory approval allows fiat-to-crypto payment provider Alchemy Pay to further expand its services in Asia.
Cross-border remittance services
Records on Bank Indonesia’s official website show that Berkah Digital is listed as a payment service provider in license category 3. The company is best known for its BDPay platform, which provides retail and business customers with local and cross-border remittance services, as well as payroll services and remittances for customers via programming interfaces for banking applications. This allows users to transfer to 136 banks in Indonesia.
Alchemy Pay’s on-ramp cryptocurrency supports payments through Mastercard, Visa, Google Pay, Apple Pay, and several other regional mobile wallets, including BDPay. The platform is currently active in 173 countries.
Founded in Singapore in 2018, Alchemy Pay is a prominent global payment platform for crypto-to-fiat transactions. It is known for its partnerships with crypto giants such as Binance Exchange and operates its own utility token called Alchemy Pay (ACH), which is issued on the Ethereum blockchain. ACH plays an important role in the Alchemy Pay network and is used for transaction fees, network rewards and other processes.