Crypto payments provider Alchemy Pay has invested in South Korea’s e-finance platform EZPG, enabling the company to acquire the latter’s registration as an electronic financial business.
EZPG is a payment agency offering value added network (VAN) services and payment gateway (PG) solutions.
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Financial terms of the transaction remain undisclosed.
This move is supervised by the South Korean regulator Financial Supervisory Service (FSS).
The registration was obtained under Article 28 of the Electronic Financial Transactions Act, permits Alchemy Pay to offer a spectrum of electronic financial services in Korea.
These services encompass online payment gateway (PG) operations, electronic financial system management, money transfers, and digital financial services, including those related to cryptocurrencies.
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By GlobalDataThrough this partnership, Alchemy Pay enhances its capabilities to support the ‘seamless’ exchange of crypto assets.
It also gains access to South Korea’s premier local payment methods, such as KakaoPay, Naver Pay, PAYCO, and other cash payment systems, alongside firm banking and virtual accounts.
In the past year, the company achieved regulatory licences in various markets, including obtaining money transmitter licences in eight US states, and secured an authorised payment institution licence in the UK.
It registered as a digital currency exchange provider (DCEP) with the AUSTRAC in Australia last month.
Alchemy Pay CMO Ailona Tsik said: “As a pivotal hub in Asia for both traditional finance and digital currency adoption, Korea represents a tremendous opportunity for Alchemy Pay’s long-term growth. We are excited to work alongside local partners to provide enhanced, localised payment solutions that cater to the needs of Korean consumers and businesses. This move further solidifies Alchemy Pay’s commitment to expanding our global presence while adhering to local regulatory standards.”
Last month, Alchemy Pay integrated it’s on & off-ramp solution into PicWe, a decentralised, omni-chain liquidity infrastructure built on the Movement network.
This integration allows users to access the platform through local fiat payment methods directly from the PicWe homepage.
