Indonesian fintech startup PAYFAZZ secures e-money license
July 12, 2021
Indonesian fintech startup PAYFAZZ on Monday announced that it has secured an e-money license from Bank Indonesia, paving the way for the launch of its e-money services in the country.
According to the announcement, the central bank approved the e-money license to PT Cashfazz Teknologi Nusantara, a subsidiary of Fazz Financial Group, the holding company formed after PAYFAZZ invested into its Singaporean counterpart Xfers early this year.
PAYFAZZ is the largest financial services platform for rural Indonesia to receive the e-money license, which is considered a lucrative license owned by top fintech players and big banks in the country.