InstaReM to expand remittance services next year

KUALA LUMPUR: InstaReM Pte Ltd is looking to expand its remittance services in several countries, including Indonesia and New Zealand this year, as well as in early 2018.

Chief business officer, Pratik Gandhi said the company was also in the midst of securing the licence for money remittance services in Indonesia and New Zealand and hoped to receive it by year- end.

“We are launching in Malaysia. Next in line is the United States and that is a very large market. After that, it is Europe and India, with all the services to be launched within the next two to three months,” he told reporters after announcing the company’s expansion into Malaysia.

The Singapore- based crossborder payments provider secured the Money Services Business Licence from Bank Negara Malaysia this month.

It has to date licences to operate in eight markets.

“We are also planning for sometime next year to launch a digital bank in Europe, specifically for both small and medium enterprises and banks, because one issue that keeps coming up is the dif f iculty in securing correspondent banks in various parts of the world,” said Pratik.

Meanwhi le, Malaysian customers can now enjoy cost- effective and efficient cross- border money transfers to over 60 countries. InstaReM will offer live mid- market foreign exchange rates and charge 0.6 per cent, compared to the two to three per cent charged by banks and other money transfer operators.

“Ins t aReM hop e s to col laborate closely with consumers and financial institutions to offer the best product solutions to consumers in Malaysia and globally. We want to drive the adoption rate of technological innovations across both businesses, as well as individual consumers,” said Pratik.

T he c omp a ny wa s established in 2014 and has current ly more than 100 employees. — Bernama