Ripple-Backed InstaReM CEO: Remittance Methods Must Improve To Advance Financial Inclusion
InstaReM’s CEO Says Remittance Methods Must Improve To Advance Financial Inclusion
Prajit Nanu, the CEO of InstaReM, talked with Ripple’s Asheesh Birla about the importance of financial inclusion and how it can be improved with better remittance methods. InstaReM is a service provider that is backed by Ripple.
Better Remittance Methods To Improve Financial Inclusion
InstaReM is a company that provides services related to money transfer. The firm entered the European market back in 2018 and it is headquartered in Singapore. At the moment, they offer their services in more than 35 different countries around the world.
Mr. Prajit Nanu explained that the current fees for remittances close to 7% and 8% were higher in the Southeast Asian market. Users in Asian countries needed affordable money services. Moreover, Nanu explained that financial inclusion can be improved just by building an ecosystem fo companion products that can be used with remittances and improve financial stability.
With InstaReM, customers were able to have lower costs for their remittance services. Additionally, they could improve the speed of its remittance services. Using Ripple’s technology it is possible to eliminate the need of having pre-funded accounts in different countries. Thus, it is possible to send remittances at a fraction of the cost of traditional methods.
Talking Payments Innovation in Southeast Asia with InstaReM’s Prajit Nanu https://t.co/PzwtYl52YG
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At the same time, Liquidity is an important thing to take into account when we talk about remittances. They have also decided to eliminate pre-funding using the corridors that Ripple currently has, including the Philippines and Mexico.
In the future, Ripple aims at establishing new corridors for companies to be able to send funds to other countries in a fast and easy way. Moreover, InstaRem has been one of the most competitive remittances platforms in the Asian market.