Indonesia’s SMEs and e-commerce businesses will be able to manage and execute forex payments to more than 160 countries

Singapore-based cross-border payments platform TranSwap today announced that it has obtained its money remittance Fund Transfer Operator license from Bank Indonesia.

The license from Indonesia’s central bank will enable TranSwap to provide services for outbound cross-border payments in its third Asian location, after Singapore and Hong Kong.

TranSwap now plans to expand into the Indoesian market and launch inter-country fund transfers for businesses, including small and medium enterprises (SMEs) and e-commerce companies, within the next month.

SMEs and e-commerce businesses will be able to settle international payments by tapping on TranSwap’s solution. They will be able to manage and execute forex payments to more than 160 countries.

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Additionally, TranSwap allows businesses to fulfill payments overseas at midmarket exchange rate through its proprietary transaction portal. Payments can be tracked in real time with end-to-end status updates. SMEs may also choose to integrate with TranSwap’s API for full automation of multiple fund transfers.

Benjamin Wong, Co-founder and CEO of TranSwap, said: “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.”

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