InstaRem has been on fire as of late! Today, September 18th, 2019 we get the news that InstaRem has opened up business in Canada. InstaReM, the Singapore-headquartered digital cross-border payments provider has launched its services in Canada, solidifying its presence in North America. InstaReM which most people do not know is short for Instant Remittance is a Fintech startup company that is headquartered in Singapore offers digital cross-border money transfer to individuals and businesses. Currently, InstaReM is focused mainly on Asia. Since starting operations in August 2015, InstaReM is serving 150 corridors with a staff of around 100 people globally.
The launch of the digital money transfer service will help individuals and businesses in Canada to send money to over sixty countries, including the UK and the US, with InstaReM’s Zero-Margin and Low-Fee international money transfers. Customers save substantially with InstaReM when compared to money transfers using traditional channels such as banks and money transfer companies. In 2017, as much as US$24.6 billion was sent out of Canada in remittances with countries like China (US$4.14 bn), India (US$2.88 bn), Philippines (US$2.37 bn), France (US$1.23 bn) and Italy (US$1.07 bn) being the top recipients, according to the World Bank.
InstaReM is one of the largest digital cross-border payments providers globally, with regulatory licenses in eight markets and covering 40 countries, reaching 3.2 billion people in developed and developing countries. InstaReM is consistently ranked by the World Bank as the lowest cost operator in a number of corridors in Asia-Pacific.
September 10th, we get the news that InstaRem will now power real-time cross border payments for SBI Remit and SBI Cosmoney. SBI Cosmoney is an overseas remittance service eliminates the shortcoming and tradeoffs of traditional remittance services. Now, you can send money internationally in a safe and secure manner with the utilization of secure blockchain technology. We currently support 12 countries in Asia, Europe, Oceania, and North America. InstaRem already powers four of the top ten SouthEast Asian Banks and leading financial institutions across t
Just a month ago (August 2nd) we covered InstaRem and how they enabled B2B payments into China. InstaReM is Southeast Asia leading digital cross-border money transfer service provider and did announce that they will be using RippleNet for there members in Southeast Asia. RippleNet is Ripple’s global network of banks and other financial institutions that provides real-time messaging, clearing and settlement of financial transactions.
Earlier this year in May we covered another article on Instream called “InstaRem Set To Power Cross-Border Payments into Thailand via RippleNet to Kasikorn Bank“. InstaReM uses Ripple’s enterprise-ready ledger product xCurrent to process global, cross-border payments for its customers, and its xVia API to plug into RippleNet and send payments. This coordination between Ripple and InstaReM facilitates quick and secure payouts for RippleNet members in Southeast Asia.