Collaborating with Instamoney, TransferWise Remittance Platform Inaugurates Presence in Indonesia

Developer digital company remittance service TransferWise today (24/11) officially announced the expansion of its services to Indonesia. Marked by new capabilities on the platform, allowing users to send money from Indonesia abroad.

Its presence in Indonesia cooperates with fintech local, namely Instamoney (PT Syaftraco). This collaboration is based on a rule, every remittance player who provides fund transfer services in Indonesia must be registered with Bank Indonesia. PT Syaftraco has obtained a BI permit as a fund transfer operator since March 2013.

"We have the same ambition to build a new standard in the financial and remittance industry, to provide the best financial solutions, and hope to have a positive impact on the people of Indonesia," said Instamoney Co-founder & COO Tessa Wijaya.

Instamoney itself focuses on B2B, selling API services for financial companies to facilitate remittances, loans, and investments. Most of its clients are banking services in Indonesia.

TransferWise currently accommodates shipments to more than 80 countries. This includes Australia, Malaysia, Singapore, Japan, to the United States and China (via Alipay). Users can take advantage of their services via website as well as applications on their mobile phones.

Several advantages were also conveyed, they claimed to have a service fee that was 2,5 times cheaper than similar services from banks. Funds usually arrive within seconds or a maximum of one hour.

Previously, TransferWise has collaborated with several platforms digital wallets local, to be precise since last November 2019. Users can send money from abroad to Dana, Gopay, and Ovo accounts.

Head of Indonesia Expansion TransferWise Elian Ciptono explained that according to a survey conducted in Indonesia, users of remittance services were dominated by families who sent money from their relatives. "The survey also shows that 90% of them feel burdened by the high cost of shipping. Not only is it expensive, other remittance services are also considered difficult and slow."

With the same issue, several Indonesian startups are also present to provide similar service solutions. These include Transfez, Topremit, Wallex Technologies, Zendmoney to Oy! Indonesia. Transaction needs between countries (cross-border) cheap and efficient processes have succeeded in making players in this sector steal the attention of consumers.

DailySocial had a chat with two remittance players, Transfez and Topremit. Transfez said that since the Covid-19 pandemic in March 2020, the number of Transfez users has increased by more than 400%. Likewise for TopRemit, they claim to have successfully processed more than 280 billion Rupiah with 16 thousand users who registered and in the first 6 months of 2020.

Wallex Technologies become a player in local remittance technology that this year received funding this year. During the pandemic period, they claim an average of about 20% increase in business every month.

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