Recently rebranded into NIUM, digital cross-border payment platform InstaReM has officially launched in Indonesia following the Fund Transfers license granted by Bank Indonesia.
NIUM-powered PT InstaReM Mitra Indonesia is now registered as a Fund Transfer Operator with the Bank Indonesia to remit and transmit funds in and out of Indonesia.
NIIUM’s digital money transfer service seeks to enable retail consumers and enterprises such as Small & Medium Enterprises (SMEs) and financial institutions in Indonesia to send money to over sixty destinations globally efficiently and cost-effectively.
The NIUM platform will facilitate globally-connected enterprises and fintech companies in Indonesia to make B2B commercial payments, issue their own-branded employee expense cards, supplier card payments, and customer cards. It will also enable the enterprise users in Indonesia to automate and expedite the receipt of multi-currency payments from the different parts of the world with account real-time receivable tracking.
Also Read: Digital remittance startup InstaReM rebrands into Nium, offering global enterprise payments platform
Prajit Nanu, Co-founder, and CEO of NIUM said: “With Indonesia’s enterprising population increasingly connecting with their global counterparts, we see immense potential for cross-border money movements in and out of Indonesia. One of the most promising markets in Asia, Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow.”
NIUM’s Indonesian operations will be headed by Vadyo Munaan, who brings his experience in financial services and payments industry at organisations including Citibank GCB, Cigna International, Mastercard, Visa, Banks of Indonesia, and MoneyGram.
“With growing individual remittances, cross-border trade, e-commerce, and freelancing opportunities, there is an urgent need for an efficient platform in Indonesia that addresses the needs of different stakeholders while sending or receiving payments across borders. NIUM’s digital platform promises to take the pain out of the process,” said Munaan.
Besides officially operating with licence in Indonesia, NIUM also announces its partnership with Visa, looking to provide instant money transfers in Southeast Asia for Visa debit cardholders, powered by Visa’s real-time push payments solution Visa Direct.
Also Read: Cross-border payments firm InstaReM raises US$45M from Telkom’s VC arm, Rocket Internet, others
To be live first in Singapore, the solution is designed for both peer-to-peer and business-to-business transfers. In the first phase, remittances can be made to various Southeast Asia countries which include Indonesia, Malaysia, Thailand, Vietnam, and the Philippines.
According to Kunal Chatterjee, Visa Country Manager for Singapore and Brunei, NIUM is the first fintech partner from Visa’s Fintech Fast Track programme to deliver real-time remittance using Visa’s push payment solution Visa Direct.
NIUM is a member of Visa’s Fintech Fast Track programme. This programme seeks to make it quicker and easier for fintech partners to build and deliver new commerce experiences on Visa’s payments network.
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