JAKARTA - TransferWise, a technology company providing remittance transactions from the UK, has partnered with Instamoney to strengthen the remittance business in Indonesia.
Venkatesh Saha, Head of APAC and Middle East Expansion TransferWise, assessed that Indonesians have a significant need for remittances. He mentioned that even sending money from Indonesia to overseas was a big demand. "The Indonesian public can send money abroad more quickly and comfortably through our digital services at the lowest cost," said Saha to idnfinancials.com today.
On the other hand, the transaction costs of remittances in Indonesia are still quite expensive and require a long time. This was conveyed by Elian Ciptono, Head of Indonesia Expansion TransferWise. "TransferWise has a mission to change the status quo, making cross-border money transfers as easy as sending an email," said Ciptono.
For information, TransferWise has actually started to enter the Indonesian remittance market since 2016. The platform, which was founded in 2011, has also served money transfers from abroad to local digital wallet platforms such as Gopay, Ovo, and Dana.
Thus far, TransferWise claims to have served remittance transactions in more than 80 countries, and have reached 9 million users with an average transaction value of US $ 6 billion every month. (KR/VA)