TranSwap Gets Regulator Approval to Launch Remittance Services in Indonesiaby Fintechnews Singapore August 29, 2019
Home-grown cross-border payments platform TranSwap today announced that it has successfully obtained its money remittance Fund Transfer Operator license from Bank Indonesia, which will enable them to provide services for outbound cross-border payments in its third Asian location, after Singapore and Hong Kong.
With the ‘stamp of approval’ from the regulatory authority, TranSwap plans to expand into the market and launch inter-country fund transfers for Indonesian businesses, which includes SMEs and e-commerce companies within the next 1 month.
Mr. Benjamin Wong, co-founder and CEO of TranSwap, said,
“There are many inefficiencies in the way that foreign payments are settled. The license allows us to bring our value-added, cross-border payments solution to SMEs in Indonesia that are seeking cost-effective and convenient ways to send money internationally. These fast-growing businesses will be able to leverage on our transaction portal to increase efficiency and drive opportunities, and in turn, support Indonesia’s efforts to bolster their economic growth.”
Featured image credit: Transwap Facebook page