Ripple Partner NIUM (InstaREM) Obtains License from Bank Indonesia to Send Money to over 60 Destinations Globally
- Formerly known as InstaReM, NIUM receives Fund Transfers license from Bank Indonesia
- The new license will empower the company to conduct outbound transfers from Indonesia
- “Immense potential for cross-border money movements in and out of Indonesia” – Prajit Nanu, co-founder, and CEO of NIUM
Bank Indonesia has issued a Fund Transfers license to the recently-rebranded Ripple partner NIUM (formerly known as InstaReM).
With this license, the company is consolidating its positions in the cross-border payments space in Southeast Asia that will allow retail consumers, financial situations, small & medium Enterprises to make flawless cross-border transactions. Prajit Nanu, co-founder, and CEO of NIUM said,
“We already serve Indonesia as an inbound market and are excited to launch our complete value proposition now with the new license that empowers us to conduct outbound transfers from Indonesia.”
Immense Potential for Cross-Border Money Movements
Registered Fund Transfer Operator PT InstaReM Mitra Indonesia can allow and/or cancel transfer funds in and out of the country. As such, consumers and enterprises in Indonesia can transfer funds to more than 60 different global locations through NIUM’s digital money transfer service.
Being one of the “promising markets” in Asia, Nanu said it provides a great ecosystem for financial services like NIUM to expand. He added,
“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.”
Strong Global Partnerships & Technological Capabilities to Take the Pain out of the Process
Founded in 2015 with the mission to improve cross-border payments experience in the APAC region, the firm has received licenses in over 38 countries. In April of this year, it joined RippleNet to offer faster remittances to a lower cost in the Philippines and Mexico corridors.
Industry Veteran Vadyo Munaan, who has worked at Mastercard, Visa, Citibank GCB, MoneyGram, Banks of Indonesia and Cigna International will be heading the NIUM’s Indonesian operations said, “With its unmatched technological capabilities and strong global banking partnerships, NIUM’s digital platform promises to take the pain out of the process” of sending or receiving payment across borders.
The NIUM platform will enable B2B commercial payments by fintech companies and issue their own-branded employee expense and consumer cards. Moreover, it will allow users to automate and accelerate worldwide multi-currency payments.