Partnership Expansion, Wise Strengthens Remittance Services in Indonesia
Wise Platform is an infrastructure service that will be optimized in the local market; Bank Mandiri has become their first partner
Interstate remittance services or ramitances are an important aspect of the financial industry landscape, because many Indonesian citizens work abroad and send money back to their homeland to support their families. In Indonesia, there are several money transfer services available, including through banks, money transfer agent, and platforms online.
As one of the global technology companies that provides services for sending and managing money, Wise sees the flow of remittances to Indonesia is expected to grow by around 3% in 2022 to $9,7 billion, based on a report released by World Bank. To DailySocial.id, Wise Indonesia Country Manager Elian Ciptono revealed their business plans in Indonesia and the expansion of strategic partnerships with banks and non-banks.
Partnership with banking
One of the challenges of using money transfer services in Indonesia is the high cost of sending money. According to the World Bank, the average cost of sending money to Indonesia is around 7% of the amount sent, higher than the global average of 6,5%. However, the Indonesian government has taken steps to reduce the cost of remittance services by encouraging competition between service providers and implementing policies to streamline the remittance process.
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