Wallex Indonesia is now live after securing a money transfer licence from Bank Indonesia, the country’s central bank.
Across the country, Wallex Indonesia will prioritise on meeting the needs of the country’s SME customers.
Citing data from Ministry of Co-operatives and SMEs, Wallex stated that these customers account for 97% of domestic employment and 56% of total business investment.
The firm has currently onboarded SME clients mainly in the import sector in Indonesia. It also caters to individuals in order to facilitate school fee payments abroad.
Wallex co-founder and COO Hiroyuki Kiga said: “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.”
The latest move comes after the firm closed a pre-series A funding round led by BEENEXT.
Investment details of the fundraising were not disclosed. Furthermore, the funding round included BEENEXT, Central Capital Ventura and Indonusa Dwitama.
Also, the firm obtained a remittance licence from the Monetary Authority of Singapore.
Wallex’s cash management solutions enable customers to lock in rates, create payment instructions, as well as upload underlying documents with one platform.
The firm charges a minimal fee of IDR 100,000 ($6.88) for every transfer of any amount.