Startup Love Remit makes it easier to send money abroad because of the large needs of consumers in Indonesia. Photo: Love Remit
JAKARTA – Many people are still confused about sending money abroad. Indeed, there are many service options. But, not much is truly easy.
Well, PT Madame Express Remitindo through its Love Remit Indonesia product claims to be able to provide real-time and affordable money transfer services overseas.
Especially after they collaborated with Lightnet, a large payment institution licensed in Singapore. Love Remit Managing Director Rayizam Mansyur said that overseas money transfer services are a growing need. “Both for personal and business purposes,” he said.
He gave an example, after collaborating with Lightnet there was an increase of 300 percent in nominal terms and 70 percent in transactions in October 2023 compared to the previous year.
According to Mansyur, the important key in the process of sending money abroad is speed and credibility in transactions. But, who uses overseas money transfer services? Mansyur said, it is very diverse. For example, entrepreneurs who are developing their business through imported products.
“So that service development continues to be carried out to reach retail consumer targets such as foreign workers in Indonesia, export and import entrepreneurs, as well as payment of education costs abroad,” said Mansyur.
Lightnet CEO & Co-Founder Tridbodi Arunanondchai added, not only large corporations, small and medium enterprises (SMEs) can also use money transfer services.
“And we see that the potential in Indonesia is very large. “Generally, people who send money abroad need guarantees of security, comfort and speed,” he said.
Lightnet itself is a financial technology (fintech) group in Singapore. Its flagship product is Liquidnet, which provides cross-border payment infrastructure solutions for money transfer operators, banks and corporations.
Apart from the individual market, the company is also targeting new target markets. “For example retail, especially among SME businesses & individuals,” said Tridbodi.
According to Tridbodi, overseas money transfer services are now very easy for consumers. For example, there are features such as real-time processing settlement. Then, multicurrency is connected to more than 80 countries throughout the world. Then, the costs are affordable and transparent (eliminating unnecessary costs).
“Furthermore, it is connected globally to various channels, such as bank accounts, e-wallets, payments using QR, and others,” concluded Tridbodi.