Ripple Partner InstaReM Enables B2B Payments in China
- Bulk of Singapore’s imports come from China
- InstaReM services will “greatly” benefit Singaporean businesses
Businesses in Singapore can now have faster payments for goods purchased and services availed in China, thanks to InstaReM.
Singapore-headquartered InstaReM is a digital cross-border payments company with a presence in over 40 countries, across Asia-Pacific, North America, and Europe. InstaReM is also in strategic partnership with the likes of Ripple, Visa, and First Data. Started in 2015, the company has raised $65 million in funding.
Bulk of Singapore’s Imports Come from China
Now, the payment facility enabled by InstaReM will make the trade between Singapore and China quicker. China is a key constituent in the global trade and Singapore maintains the leading position among the ASEAN countries in trade with China.
As per the World Trade Organization (WTO) data, Singapore was the world’s 15th largest importer in 2017 at US$328 billion, with US$42.6 billion of imports from which coming from China.
“With trade getting increasingly globalized, businesses need to make payments to multiple stakeholders – suppliers, staff, freelancers etc. – spread across different parts of the globe,” said Prajit Nanu, co-founder and CEO of InstaReM.
InstaReM services will “greatly” benefit Singaporean Businesses
The SME segment in Singapore has been underserved, creating the need for a platform that specifically caters to them in order to allow them to make payments quickly and efficiently around the world, report the official announcement.
As such, InstaReM has extended its services to the Singaporean businesses importing from China, a move expected to “greatly” benefit Singaporean businesses to build stronger connections with their counterparts in China.
Cross-border B2 payments, Nanu explain have been challenging, especially for SME because of the “legacy infrastructure that entails multiple touchpoints” making its costly and time consuming.
“Leveraging its world-class digital money transfer platform, InstaReM is offering businesses in Singapore a quick and easy way to make payments into China,” Nanu added.
As a fintech Value-Added Services (VAS) partner of the National Trade Platform (NTP), Singapore's premier national trade information management platform, InstaReM also fulfills trade community’s need for an alternative cost-effective cross-border payments.
InstaReM is also aiming to address the biggest pain points for SMEs growing overseas, collecting payments in multiple markets.