Alchemy Pay, a fiat-crypto payment solution, has obtained a license from the Central Bank of Indonesia to remittances and fund transfers in the country. It was announced via the company’s Twitter handle today, the 27th of February, 2023.
Alchemy Pay partnered with Berkah Digital Pembayaran, a fintech company, and a verified payment service provider, to receive the approval. The permission will enable the companies to offer better payment services and reduce operating costs to consumers in Asia.
Alchemy Pay is a Singapore-based company established in 2018 by Shawn Shi, former Vice President of Technology at ZhongAn, an insurance company, and Molly Zheng, a former Senior Consultant at PayPal China and ex-Chief Representative at MasterCard China.
The company supports fiat to crypto purchases through Visa, Mastercard, Google Pay, Apple Pay, and other methods. The firm has partnered with big names in the blockchain industry, including Binance Exchange, Bybit exchange, and others. It has also powered leading blockchain projects such as Arbritrum, Polygon, and NEAR protocol. It is present in 173 countries and is expanding to emerging markets.
The company has a native token known as Alchemy Pay (ACH), and it is used to pay transaction fees and other payments on the platform.
In addition to its business ventures, Alchemy Pay has also been involved in charity work. After the earthquake in Turkey that caused the loss of many lives last month, the company donated 1 Bitcoin to support its customers in helping the affected areas in the country.
As part of its development strategy, it intends to collaborate with more brands in 2023 and acquire more licenses to operate in different countries, including the United Kingdom, the United States of America, Hong Kong, and Singapore.
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