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FINANCIAL SERVICES | Staff Reporter, Singapore

InstaRem partners with First Data for prepaid card issuance services

The solution will be rolled out in Singapore, Europe and Australia.

Singapore-based fintech company InstaReM has announced a partnership with First Data, a commerce-enabling technology and solutions provider, to enable a prepaid card issuance service to employees, vendors or consumers.

These cards can be used for cases, such as travel and expense programs with set limitations, vendor or supplier payments, payroll for employees, and much more.

“Our goal is to offer a Turnkey solution to enterprise customers, start-ups that are aspiring to launch their own payment eco-system in weeks, with First Data’s global presence, robust, and flexible technology platform, we would be able to achieve this goal," said Gitesh Athavale – head of products (Cards), InstaReM.

InstaReM joined Visa's fintech fast-track programme that focuses on building and delivering new commerce experiences on Visa’s payments network.

The First Data and Visa Fintech Fast-track partnerships allow InstaReM not only to solve the payout problem domestically and internationally but also to encourage the digitisation of the payment ecosystem.

The solution will be launched in Singapore in the next few months with rollout in Europe and Australia expected by the end of the year and then expanding globally. 

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