SG’s PayerMax receives licence from Indonesia’s central bank

This makes Indonesia its sixth market to obtain a licence.

The Central Bank of Indonesia (BI) has granted the subsidiary of PayerMax, a Singapore fintech company offering global payment solutions, a payment service provider licence in the country.

PT Smart Fintech For You, PayerMax’s subsidiary, will be able to reach Indonesia’s market and offer its services such as system security, compliance, and risk control.

PayerMax said this new venture is in line with the company's expansion strategy across Southeast Asia, the Middle East, North Africa, and Latin America.

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“As a fintech company specializing in providing payment solutions for emerging markets, PayerMax is committed to address the challenges in the Indonesian payment landscape and to provide solutions for the payment ecosystem.” PayerMax said in a statement.

Currently, PayerMax carries payment licences in Hong Kong, Singapore, the United Arab Emirates, Thailand, and the Philippines. This makes Indonesia it’s sixth market to obtain a licence. Further, it can serve more than 70 currencies and offers over-payment methods.