Alchemy Pay, a payments platform, has partnered with fintech company BDPay to obtain the Indonesian central bank’s permission to operate in the country.
Exciting news! #AlchemyPay and @mybdpay have jointly received license from the Central Bank of Indonesia to operate remittances and fund transfers.
Read more at: https://t.co/FFkC5Jvv2Y$ACH— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) February 27, 2023
The license will allow Alchemy Pay to carry out low-cost money transfers for cryptocurrency users in Indonesia. Regulatory approval is part of the platform’s expansion into Asia.
In the wake of the news, the Alchemy Pay token (ACH) rose about 11%, to $0.041. The project’s capitalisation has surpassed $200 million, according to CoinGecko.
BDPay offers local and cross-border transfers for private and corporate clients. The fintech company also provides services related to payroll projects.
Founded in 2018 in Singapore, Alchemy Pay supports payments via Mastercard, Visa, Google Pay, Apple Pay and other services. The platform operates in 173 countries.
In February 2023, Indonesia adopted the Financial Sector Development and Strengthening Act, which also classifies cryptocurrencies as securities.