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, the India-born 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.
NIUM (formerly known as InstaReM) was founded in 2015 with a mission to improve the cross-border payments experience for consumers in the APAC region. While continuing to be an expert in consumer remittances, InstaReM expanded and scaled its offerings to meet the needs of SMEs, Financial Institutions, Enterprises and other payment service providers. Its network is powered by a portfolio of licenses, hard-earned by building trust with financial regulators in over 38 countries.
NIUM’s platform – a digital collective of financial institutions, fintechs, eCommerce platforms, travel companies and online markets – offers a wide range of payments services grouped into three categories: Send, Spend and Receive. As a company, NIUM is continuously innovating and pushing boundaries. NIUM aspires to become enabler, creator of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money.