With the attempt to strengthen its position in Southeast Asia’s cross-border payment space. NIUM (a formerly known as InstaReM) on Wednesday, said that “It has received the Fund Transfer license from the Bank of Indonesia.”
The License will allow, “The retail consumers, Small & Medium Enterprises (SMEs), Financial Institutions, and other payment service providers in Indonesia to smoothly send and receive the money on its platform.”
In a statement, the company said that “NIUM-powered PT InstaRem Mitra Indonesia is registered as a Fund Transfer Operator with the Bank Indonesia to remit and transmit funds in and out of Indonesia.”
“NIUM’s digital money transfer service will enable consumers and enterprises in Indonesia to send money to over sixty destinations globally efficiently and cost-effectively,” the statement said.
The statement said, “The NIUM platform will also enable globally connected enterprises and fintech companies in Indonesia to make B2B commercial payments, issue their own-branded employee expense cards, supplier card payments and customer cards.”
“The NIUM platform will also enable the enterprise users in Indonesia to automate and expedite the receipt of multi-currency payments from the different parts of the world with account real-time receivable tracking,” the statement continued.
Speaking on the updates, Prajit Nanu, Co-founder and CEO, InstaReM, said: “We have already served the Indonesian inbound market, and we excited to launch our complete value proposition under a new license that empowers us to conduct outbound transfers from the country.”
Nanu said, “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.”
“One of the most promising markets in Asia, Indonesia, offers a great ecosystem for fintech services like NIUM to develop and grow,” he stated.
“We are confident that NIUM’s innovative payments solutions will enable individual and enterprise users in Indonesia to send, spend and collect money to and from any part of the world – while saving on high transaction costs that are associated with traditional methods,” he added.
Adding more to this, NIUM Indonesia’s Operation Head, Vadyo Munaan, said: “With growing individual remittances, cross-border trade, e-commerce, and freelancing opportunities.”
Vadyo said, “There is an urgent need for an efficient platform in Indonesia that addresses the needs of different stakeholders while sending or receiving payments across borders. With its unmatched technological capabilities and strong global banking partnerships, NIUM’s digital platform promises to take the pain out of the process.”
“NIUM’s global presence adds extensive payments network to the country’s cross-border payments infrastructure. We are delighted to introduce to Indonesia a full suite of NIUM products and services offering, which is coming at the perfect time to meet the changing needs of the market,” he added.