Not a while ago, a cross border payment provider, TranSwap, announced license from Bank Indonesia to run the money-transfer service. It’s also an opportunity taken by the Singapore-based startup to expand.

Benjamin Wong, TranSwap’s Co-Founder & CEO said to DailySocial, the license allows their company to run cross border payment service for business. They’re targeting SMEs and e-commerce in particular.

The license registered under PT TranSwap Dunamis Indonesia – part of TranSwap Group which is currently based in Hong Kong. In its debut, TranSwap is backed by an international bank with a branch office in Indonesia, but he avoids to mention any title.

“It didn’t take long to come up with Indonesia. We’re neighbors, besides, the number of cross border transaction between both countries are quite big in the last few years. Also, Indonesia runs the exponential growing e-commerce and export market,” he added.

TranSwap is available through its official website. Currently, Rupiah is yet to pop up as an option – only SGD and HKD. Later on, the platform will have special dashboard for cross border transfer/payment.

In Singapore and Hong Kong, they’ve acquired a license from the local authority. Prior to this, Koku had first arrived in Indonesian market. They offer an SaaS-based platform that allows the financial institution to digitization, including remittance or cross-border transfer. For those targeting B2C, there is also a fintech startup from Medan, TopRemit.

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Original article is in Indonesian, translated by Kristin Siagian