Singapore’s Wallex gets remittance license from MAS, launches in Indonesia

Yon Heong Tung
Singapore’s Wallex gets remittance license from MAS, launches in Indonesia

Wallex has already obtained the Money Transfer License from Bank Indonesia

Singapore-based FX and cross-border payments startup Wallex Technologies has officially launched in Indonesia, having obtained a Money Transfer License from Bank Indonesia and a Remittance License from the Monetary Authority of Singapore (MAS).

Wallex offers a range of online cash management solutions including virtual accounts (for collections and disbursements), a multi-currency wallet, FX conversions, cross-border payments, and an API with real-time FX execution capability.

These tools allow SMEs to manage cash, payments, view and lock in FX rates, and upload all underlying documents easily using a single platform.

Wallex offers FX rates in 30 global currencies (including rupiah and baht) to over 180 countries. It charges a minimal fee of Rp 100.000 (US$6.85) per transfer of any amount.

“Our official launch in Indonesia marks a key development for our future growth. There are
inefficiencies when it comes to making international payments here in Indonesia,” said Hiroyuki Kiga, Co-Founder and COO of Wallex.

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Just last month, the company raised funding in a Pre-Series A led by BEENEXT, with participating investors including Central Capital Ventura (fintech investment arm of Bank Central Asia) and Indonusa Dwitama.

“We believe that Wallex provides a compelling solution to the problems faced by SMEs (small medium-sized enterprises) when it comes to cross-border payments,” said Armand Widjaja of Central Capital Ventura, in an official press statement.

“Our investment in Wallex has also allowed BCA to better understand what digital transformation is for the bank and how we can help serve our customers better,” he added.

Wallex said that in Indonesia, it has already onboarded various SME customers mainly in the import sector and also services individuals helping payments for school fees abroad.

Image Credit: Wallex

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