Alchemy Pay obtains license from Central Bank of Indonesia, ACH surge 7%
The Indonesian license was issued jointly to Alchemy Pay and BDPay to allow the firms to offer remittance and fund transfer services.
Fiat-crypto payment gateway Alchemy Pay has announced plans to expand into Asia following license approval from the Central Bank of Indonesia.
The Indonesian license was issued jointly to Alchemy Pay and fintech firm PT Berkah Digital Pembayaran to allow the firms to offer remittance and fund transfer services, according to a Feb. 27 announcement.
PT Berkah Digital Pembayaran through its BDPay service will directly connect with 136 bank APIs to make it easier for their users to transfer funds around the region at a lower cost.
Similarly, Alchemy Pay will provide on-ramp support for users in Indonesia to purchase crypto quickly, and securely using their fiat currency funds.
Alchemy said that the joint license obtained with PT Berkah Digital Pembayaran will contribute to driving crypto adoption in Asia.
ACH on the rise
Following the announcement, Alchemy’s native token (ACH) has surged by over 7% in the last 24 hours. In addition, ACH has recorded a 250% gain over the last 30 days, according to CryptoSlate data.
The rise in ACH price is closely linked to its recent support for Google Pay, which saw ACH reach a local high of $0.04.