The Singapore-headquartered money transfer company Instarem has been seeing a huge remittance flow to India, suggesting an increase in the money wired to their home country by Indians in Singapore.
Total global remittances to India in the financial year ending in March 2023 hit USD107 billion. “India is a huge inbound market for us, and we have big operations in Mumbai, which is our main technology and product centre,” said Yogesh Sangle, Global Head of Instarem. Its other offices are in Bangalore and Chennai.
The app-based remittance company is setting up operations in Japan to serve Small and Medium Enterprises (SMEs) and Consumers, and has recently launched a SME-support product in Indonesia.
Sangle said that Instarem, which was founded in Singapore by entrepreneurs with Indian roots, had enjoyed strong growth of 30 per cent per annum from the global remittance market of USD682 billion. He said that the pandemic had created an opportunity to service cash-strapped SMEs.
“COVID-19 was also an opportunity for app-based remittances, as people were not able to go through the conventional banking transaction due to lockdown. The app-based network has made it easier for remittances and its use is rapidly growing,” he said. “The remittance market is big enough to support a lot more companies offering money transaction services. The world’s top five companies have about 15 per cent of the global market share and it needs to be consolidated. There are a lot of opportunities.”
Instarem has over 130 employees in India and a market reach across 38 countries.