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.
“Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow.”
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.”