Wallex Technologies -- Officially launches in Indonesia with Money Transfer License from Bank Indonesia and receives Monetary Authority of Singapore's Remittance License

JAKARTA,Indonesia and SINGAPORE,Nov. 8,2018 -- After securing their Pre-Series A round,Wallex Technologies is announcing their entry into Indonesia. Having obtained both MAS Remittance License from Singapore,and BI Money Transfer License,Wallex will be one of the first 'fintech' companies to provide such services in both countries.

Singapore and Indonesia are large trading partners with nearly USD 28 billion worth of goods (OEC data) being exchanged in 2016. Wallex Indonesia will focus on servicing SME customers in various sectors. Based on data from Ministry of Co-operatives and SMEs,Indonesian SMEs account for 97% of domestic employment,and 56% of total business investment.

"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; from the monthly limits,to filling out lengthy manual forms,let alone the traffic to and from the bank-- we cut all this out by creating a seamless experience online. We have gone through the pain points ourselves,and now we have a solution for it."-- Hiroyuki Kiga,Co Founder and COO of Wallex.

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.

"We believe that Wallex provides a compelling solution to the problems faced by SMEs when it comes to cross-border payments. 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."-- Armand Widjaja of Central Capital Ventura,(fintech investment arm of Bank Central Asia).

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.

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