Wallex Technologies –a payments system technology –officially launches in Indonesia and will be one of the first 'fintech' companies to provide such services in Singapore and Indonesia.
This Singaporean fin-tech already obtained both Monetary Authority of Singapore's Remittance License and Bank Indonesia Money Transfer License.
Furthermore, Wallex Indonesia will focus on servicing SME customers in various sectors. Based on data from the Indonesia Ministry of Co-operatives and SMEs, Indonesian SMEs account for 97% of domestic employment, and 56% of the total business investment.
Meanwhile, based on OEC data, Singapore and Indonesia are large trading partners with nearly USD 28 billion worth of goods being exchanged in 2016.
"Our official launch in Indonesia marks a key development milestone for our future growth. There are inefficiencies when it comes to making international payments here in Indonesia,” Hiroyuki Kiga, Co-Founder and COO of Wallex said.
He also claimed Wallex can cut all the inefficiencies of international payments from the monthly limits to filling out lengthy manual forms, by creating a seamless experience online.
With a simple online dashboard, SME customers are now able to view and lock in rates, create payment instructions, and upload their underlying documents, all from a single platform. Wallex offers competitive FX rates in 30 global currencies, and only charges a minimal fee of Rp 100.000 per transfer of any amount. This service is also available 24 hours a day.
Wallex Indonesia has already on-boarded various SME customers mainly in the import sector and also services individuals making payments for school fees abroad. With the support of their local investors such as Central Capital Ventura, Wallex will further deepen their relationship with BCA in order to provide FX and cross-border payments services to SMEs.