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Solidifying the company’s presence in North America. Singapore -based cross-border digital payment company, InstaReM has announced the launch of cost-effective digital cross-border payments transfer service in Canada, and has also registered as a Money Service Business with the Financial Transactions and Reports Analysis Center of Canda (FINTRAC) to remit and transfer funds out of Canada.
InstaReM, in its statement, said: “The launch of digital money transfer service in Canada, will allow any individuals or business users to send, receive money from over sixty countries, including India at zero-margin, and low international money transfer charges.”
According to the World Bank, 2017 data, “Canada is one of the leading remittance-sending countries in the world where it sent $24.6 billion as remittances following the countries like China ($4.14bn), India ($2.88bn), Philippines ($2.37bn), France ($1.23), and Italy ($1.07bn) respectively.”
Whereas, another report of Statics Canada, stated that, “The average cost of sending money from Canada to the available channels including banks and money transfer companies was around 6 percent of the amount sent.”
Speaking more on the service launch, Prajit Nanu, Co-Founder and CEO, InstaReM, said: “After launching our successful operation in some of the high-traffic corridors in the Asia-Pacific, European Union, and in the U.S., we are thrilled to arrive in Canada.”
“As our innovative payments solutions which enable individuals and enterprise users to send, spend, and receive money from any part of the world. We’re confident that consumers in Canada will love the InstaReM service,” Nanu added.