InstaReM announced that it is joining the global payments technology major Visa’s Fintech fast-track program in the Asia-Pacific region.
With this partnership, InstaReM gets access to Visa’s vast payments network. InstaReM’s Indian and other global fintech partners desirous of opening an office in Singapore can now ride on InstaReM’s digital ecosystem for payments and remittances. These fintech start-ups need not go through the hassle of getting relevant local licenses in Singapore.
InstaReM (short for Instant Remittance) is a leading digital cross-border payments company that enables consumers, businesses and banks to make international money transfers at a low cost. As part of the Visa fintech fast-track, the two companies will work together to build new solutions for moving money to and from different countries in fast, convenient ways that provide users with seamless digital payments and money transfer experiences.
Prajit Nanu, co-founder, and CEO of InstaReM, said, “It’s a matter of pride for InstaReM to be a part of the Visa fintech fast-track program. We will draw from Visa’s vast network and experience in payments services in Asia-Pacific and other regions. With this partnership, InstaReM will be able to issue cards for its fintech/start-up partners in Singapore in just four weeks of them being in the program. InstaReM’s partners looking to be a part of the payments and remittances ecosystem in Singapore will not have to wait for six-to-nine months that it takes currently.”
“Even with all the digital forms of payment that exist today, transferring money internationally can still be a time-consuming, inefficient process,” said Hamish Moline, Head of Digital Partnerships, Asia Pacific, Visa. “We’re excited to welcome InstaReM to the Visa fintech fast-track program and to work with them on tackling an area of payments where there is still a lot of opportunities to bring innovation to the customer experience.”
The Visa fintech fast-track program makes it easier for fintechs to access the global Visa payments network. The program is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences. The fintech fast-track program provides a new commercial framework that includes eased access to Visa’s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases. For more information, visit Visa Fintech Fast-Track.
Founded in 2014 by Prajit Nanu and
Michael Bermingham, InstaReM is a Singapore-headquartered digital cross-border payments company with presence across Asia-Pacific, North America, and Europe. InstaReM has created a unique payments mesh which is being leveraged by financial institutions, SMEs and individuals to make fast, low-cost cross-border payments available to more than 55+ countries. InstaReM is the first non-bank company to get the Reserve Bank of India (RBI) approval to offer outbound money transfer services from India.
InstaReM also serves institutional and corporate clients with its international business payments platform providing bulk, customized, multi-currency payment facilities. Since starting operations in 2015, InstaReM has raised US$ 38 million in three rounds of funding.
Instarem’s investors include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures and Beacon Venture Capital. InstaReM is also a member of RippleNet, Ripple’s global network of 200+ banks and other financial institutions, and a winner of Ripple’s Blockchain Innovator Award for innovations in the payments space.