Feature Enriched, OY! Indonesia Launches Remittance Service

OY! Indonesia is one of the companies fintech which continues to try to enrich the features to satisfy its customers. Starting in 2016 with the concept of a chat application, they have now transformed into a financial application that has a focus on facilitating financial life as a whole.

OY! Indonesia claiming to be aggregator wallets, a service that allows users to connect various debit cards they have to be able to directly transact or make transfers. Simply they are trying to be an app mobile banking which connects multiple banking accounts in one channel.

Now the startup fronted by Jesayas Ferdinandus, Jan Kristanto and Hilfi Alkaff has just released a new feature, namely remittances. Allows users to send and receive money from abroad.

"Starting this year, the money transfer feature in the OY! Indonesia application is not only inter-bank in the country but also abroad, and of course with the most affordable transfer fees. Some countries that can be recipients are Singapore, Malaysia, Thailand, India , South Korea and China," explained Head of Marketing Sarah Azzahra Rilyad.

Many companies have initiated remittances fintech domestic

In Indonesia, this remittance service has been implemented by several companies fintech, among others are Transfez, as of the end of January 2020 their remittance services can reach 37 countries, both Asia and Europe. The money sent has also reached Rp220 billion.

There are also TrueMoney, which in mid-2019 had already started planning a remittance feature for shipments to Malaysia, Singapore, the Philippines, Nigeria and Ivory Coast. RemitPro, Top Remit also don't want to be left behind. This new service from Digiasia Bios is partnered with Western Union.

Apart from the company fintech Domestic remittance service providers from abroad have also begun to enter the Indonesian market. In 2018 ago, Wallex Asia officially enters Indonesia after getting an investment led by Beenxt and followed by Central Capital Ventura and Indonusa Dwitama.

Although not the first OY! Indonesia feels that there is still a big opportunity for them to grow. Apart from that, the potential for money transfers to and from overseas is still quite high. OY! Indonesia is also quite confident that their remittance feature is simpler and easier to use.

Currently the company has also obtained permission from Bank Indonesia as the organizer of the transfer of funds. As is known, several payment and loan-based financial services are strictly regulated by the authorities, so consumers must always make sure the services used are licensed.

The presence of the remittance feature in financial applications is a form of continued innovation in financial technology in Indonesia. In the last three years, innovations in the financial sector have been continuously pursued by various parties. E-money now it has become a lifestyle for people, and what is needed now is a higher functionality of a financial technology service.

Remittance and ambition OY! Indonesia is the most complete financial application

Apart from remittances, they also have features for bank transfers and top up free of charge. Besides that they also have personal features financial management, a feature that allows users to track expenses and income that can be categorized according to their designation.

As of early 2020, they claim to have 500 thousand user bases. This growth will also be boosted along with the many features and promotions carried out.

"[This year we hope] It will expand to penetrate the market, develop the user base for transfers to and from abroad as well as add countries that can receive International Remittance services. In addition, we also continue to develop partnerships with financial products to adding financial product referral services in the OY! application," concluded Sarah.