TranSwap obtains remittence license in Indonesia

TranSwap obtains remittence license in Indonesia

Home-grown cross-border payments platform TranSwap has 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.

Soon, Indonesia’s fast-growing small and medium-sized enterprises and e-commerce businesses will be able to settle international payments efficiently and affordably, by tapping on TranSwap’s value-added solution. They will be able to seamlessly manage and execute FX payments to more than 160 countries. Besides providing a consistent and streamlined payment experience, TranSwap allows them to fulfil payments overseas at mid-market exchange rate through its proprietary online transaction portal. Payments can be tracked in real-time with end-to-end status updates. SMEs may also choose to integrate with TranSwap’s API for full automation of multiple fund transfers.

Launched in 2017 to solve the payment pain-points faced by SMEs, TranSwap has continually played a pivotal role in delivering a secure, cost-effective and convenient cross-border payments solution to businesses in Singapore and Hong Kong, to help them overcome the barriers to internationalisation. TranSwap aims to accelerate the abilities of local businesses to scale and grow, and thereby support the country’s economic growth.

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.”