Their name says it all.
InstaReM is a Singapore-headquartered digital cross-border payments company focused on Asia. “We enable individuals, SMEs, and financial institutions to send across payments at the lowest possible cost and fastest possible time,” says Prajit Nanu, InstaReM co-founder and CEO.
Nanu and his co-founders started the business because they felt there was no real cross-border payment leader in Asia for retail and businesses. Their product aims to solve the transparency and speed issues around cross-border money transfers.
He explains their value proposition for each customer base. For retail, Nanu shares: “Unlike our competitors who charge a transaction fee and an FX spread, we charge a percentage of the amount. If you are sending $1,000, our fees will be 0.5%, so $5 which includes FX and transaction fee.”
For B2B, meanwhile, using their local payout mesh in Asia and Europe, financial institutions such as banks, payment processors, and corporates can leverage InstaReM’s platform to make local payments. Payments are processed on the same day and there are no deductions, says Nanu.
InstaReM, which currently holds remittance licenses in Australia, Singapore, Hong Kong, and Canada, is applying for licenses in other jurisdictions including the USA, which will allow them to increase their customer base massively.
The payments company has also started a project with a banking partner that will allow it to create a digital bank that will serve individuals and businesses. A new product for the Singapore market that will focus on blue-collar foreign workers is also being developed. “Both products are outside of our remittance core but both will include remittance payments as an offering. By doing this, we are going to attract many new customers from many new and non-traditional sectors,” says Nanu.
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