Nium launches digital cross-border payments platform in Indonesia

posted on 12 Nov 2019

Consolidating its strong position in the digital cross-border payments space in Southeast Asia, the recently-rebranded NIUM (formerly, InstaReM) has received the Fund Transfers license from the Bank Indonesia.

With NIUM’s innovative payments platform, retail consumers, Small & Medium Enterprises (SMEs), Financial Institutions and the other payment service providers in Indonesia can look forward to a seamless digital experience while moving money - whether sending or receiving - across borders.

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. NIIUM’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 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.

Prajit Nanu, Co-founder and CEO of NIUM (formerly known as InstaReM) 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. 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 the Asia, Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow. 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.”

NIUM’s Indonesian operations will be headed by the industry veteran Vadyo Munaan, who comes with extensive experience in financial services and payments industry at reputed organisations including Citibank GCB, Cigna International, Mastercard, Visa, Banks of Indonesia and MoneyGram.

"With growing individual remittances, cross-border trade, e-commerce, and freelancing opportunities, 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," says Vadyo.


Source: Finextra
View original content here.

Copied

Recent posts

On-Demand Manufacturing Platform Karkhana Bags $1.5 Mn Seed Funding

On-Demand Manufacturing Platform Karkhana Bags USD 1.5M Seed Funding

B2B on-demand manufacturing platform Karkhana.io has raised USD 1.5 M in a seed funding round led by Vertex Ventures Southeast Asia and India. The round also saw participation from several industry leaders and angel investors. Karkhana leverages 3D printing, injection moulding and other technologies to enable custom manufacturing.

12 Nov 2019
Read more

BT Money Hacks: New digital banking opportunities for consumers and SMEs (Ep 87)

In this week's episode we look at how Singaporean consumers, as well as SMEs and micro enterprises, can benefit from digital banking services. BT's digital editor Chris Lim hosts Hari Sivan, chief executive and founder of SOCASH, a fintech that allows cash withdrawals from shops instead of ATMs.

12 Nov 2019
Read more

How GlowRoad Has Financially Empowered Indian Women With Its Take On Social Commerce

Incorporated in 2017, GlowRoad recently raised capital which it will be utilising for deeper penetration into the Indian market before expanding overseas. GlowRoad is looking to carve a niche in a tightly-contested social commerce market with a sharper focus on enabling women entrepreneurs in Tier 2 and beyond.

12 Nov 2019
Read more

Quick Links

    Our Global Network

    Vertex Ventures Southeast Asia and India is part of the global Vertex Ventures network of funds.


    In addition to Southeast Asia and India, the Vertex Global Network is comprised of affiliates in Silicon Valley, China and Israel. This provides a unique platform for our portfolio companies to realize their full potential by leveraging the combined experience and resources of our extensive network of global partners.

    Copyright

    © 2019 by Vertex.

    All rights reserved.

    Legal