An Indian fintech start-up headquartered in Singapore, InstaReM aims to grow 600 per cent in the financial year 2018-19. The company offers a platform for international money transfers to individuals and businesses.
InstaReM is one of the largest cross-border payment providers globally, with licenses in eight markets and covering 60 countries, reaching 3.2 billion people in the developed as well as developing countries.
Prajit Nanu, co-founder of InstaReM said, “Our company is able to transfer funds within 24 hours in Asia, compared to the average two to four days transfer by banks. We want to drive the adoption rate of technological innovations across both business as well as individual consumers. We have the EU and US markets in sight this year, and will be growing 600 percent in financial year 2018-19.”
InstaReM launched Malaysia operations in Kuala Lumpur in November 2017. Besides individual and corporate customers in Singapore, Australia and Hong Kong, Malaysia was next in line to enjoy cost-effective and efficient cross-border money transfers to over 60 countries across the globe.
The fintech company has its presence in the European Union with the opening of an office in Lithuania in September 2017.
InstaReM will also start its India operations in 2018, following recent approval from the Reserve Bank of India (RBI).
The massive growth of InstaReM is due to the fact that it charges a transparent, nominal fee (typically 0.5 per cent) which is known to the customer before the transaction, unlike cross-border remittances which cost an average of 7.32 per cent of the amount sent.
This massive difference in cost, is because there is no physical cross-border handling and movement of funds allows InstaReM to avoid incurring and passing on international bank handling fees to customers.
InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments.