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November 18, 2022

Bank Negara Indonesia and Cashmallow partner on cardless cash withdrawal

By Shivam Mishra

Bank Negara Indonesia (BNI ) has formed a partnership with fintech firm Cashmallow to offer cardless cash withdrawals in Indonesia.  

The service will be offered by Cashmallow’s solution MallowLink, a global surcharge-free ATM network.

Through the collaboration with BNI, Cashmallow customers travelling to Indonesia will be able to withdraw money from more than 17,000 BNI ATMs and cash pickup locations.

Customers will not be required to pay fees, such as foreign transaction fees, card brand fees, and surcharge fees for withdrawal from ATMs.

Cashmallow CEO Hyeongun Yun said: “We are excited to partner with BNI, the leading bank of Indonesia that embraces innovation to deliver an exceptional experience to customers.

“The addition of Indonesia to the MallowLink network is a major step towards our goal to provide safe, convenient, and inexpensive ways for anyone to access the world’s cash wherever and whenever.”

MallowLink is a worldwide ATM API aggregator that allows clients to provide cardless travel money withdrawal services to their customers.

Users can exchange their travel funds using the bank apps and withdraw their funds from the closest MallowLink-powered ATM.

The cardless cash withdrawal service will be available at BNI outlets in the first quarter of 2023.

Currently, Cashmallow’s services are offered in Japan and South Korea and the fintech plans to expand its network to new markets across the globe.

In January this year, media reports said that government-backed BNI plans to buy a 63.92% stake in Bank Mayora to enter the digital banking space.

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