SINGAPORE (Aug 29): TranSwap, Singapore’s homegrown cross-border payment platform, has obtained its money remittance Fund Transfer Operator licence from Bank Indonesia.
The licence will enable TranSwap to provide services for outbound cross-border payments in Indonesia - the company’s third Asian location after Singapore and Hong Kong.
TranSwap was launched in 2017 to address payment pain-points faced by SMEs through a secure, cost-effective and convenient cross-border payment solution to businesses in Singapore and Hong Kong.
TranSwap today facilitates FX payments in more than 160 countries, and is also available on the Networked Trade Platform (NTP) Value-Added Service (VAS) provider listing
Moving forward, the company also has plans to expand into the Indonesian market, by launching inter-country fund transfers for Indonesian businesses including SMEs and e-commerce companies within the next month.
Benjamin Wong, co-founder and CEO of TranSwap, says, “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,” Wong adds.
