Instarem seeks banking licence in Singapore

posted on 02 Jul 2019

Singapore cross-border payments start-up, Instarem, is preparing to apply for a digital banking licence in the city state, and are currently seeking banking partners to achieve this.

According to Bloomberg, the Monetary Authority of Singapore (MAS) will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses.

Singapore Telecommunications, Grab and Razer, have expressed an interest since the MAS announcement, but Instarem is the first company to say it will apply for a license.

Founded in 2014, Instarem processes billions of dollars a year for banks, payments institutions and retail users across the world. It is backed by investors including Vertex Ventures, Fullerton Financial Holdings, Rocket Internet and MDI Ventures.

“Instarem already provides services similar to transaction banking in a bank so this would be a natural extension for us,” says CEO Prajit Nanu. “One key aspect where we have limited ability is lending and we will be looking to partner to create the lending experience in the same technology stack.”

Source: Fintech Futures
View original content here.


Recent posts

Cisco Announces Intent to Acquire CloudCherry

SAN JOSE, Calif: Cisco (NASDAQ: CSCO) today announced its intent to acquire privately-held CloudCherry based in Salt Lake City, UT. CloudCherry is a Customer Experience Management (CEM) company that provides customer journey mapping, out-of-the-box integrations, and predictive analytics.

02 Jul 2019
Read more

Patent database could hold secrets to future of mobility

Keeping abreast of industry trends is vital to ensure that precious time and money is spent wisely. If new technologies and business models are snapped up by the competition, it could also result in companies being left behind.

While the automotive industry has long used traditional market intelligence to forecast where things are headed, intellectual property (IP) libraries could prove to be a valuable but as yet relatively untapped source of information.

02 Jul 2019
Read more

soCash extends services to ICBC customers in Singapore

FINTECH soCash has tied up with ICBC (Industrial and Commercial Bank of China) Singapore to extend its services to ICBC customers, enabling them to perform basic banking services like cash withdrawal from neighbourhood shops using the soCash app.

02 Jul 2019
Read more