InstaReM and Visa will work together to make it easier for fintech start-ups to enable digital payments and move money internationally
February 1, 2019
London, 1 February 2019 — InstaReM today announced that it is joining the global payments technology major Visa’s Fintech fast-track program in the Asia-Pacific region. This program makes it quicker and easier for Visa’s fintech partners to build and deliver new commerce experiences on Visa’s payments network.
InstaReM is a leading digital cross-border payments company, with a presence in the UK and Europe, which enables consumers, businesses and banks to make international money transfers at a low cost. As part of the Visa fintech fast-track, the two companies will collaborate to create new ways to move money internationally in fast, convenient ways to provide users with seamless digital payments and money transfer experiences.
Prajit Nanu, co-founder and CEO of InstaReM, said, “It’s a matter of pride for InstaReM to be a part of the Visa fintech fast-track program. We will draw from Visa’s vast network and experience in payments services in Asia-Pacific and other regions. With this partnership, InstaReM will be able to issue cards for its fintech/start-up partners in Singapore in just four weeks of them being in the program. InstaReM’s partners looking to be a part of the payments and remittances ecosystem in Singapore will not have to wait for six-to-nine months it takes to acquire licence and develop own payment infrastructure as is the case now.”
“Even with all the digital forms of payment that exist today, transferring money internationally can still be a time-consuming, inefficient process,” said Hamish Moline, Head of Digital Partnerships, Asia Pacific, Visa. “We’re excited to welcome InstaReM to the Visa fintech fast-track program and to work with them on tackling an area of payments where there is still a lot of opportunity to bring innovation to the customer experience.”
The Visa fintech fast-track program makes it easier for fintechs to access the global Visa payments network. The program is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences. The fintech fast-track program provides a new commercial framework that includes eased access to Visa’s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases. For more information, visit Visa Fintech Fast-Track.
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InstaReM is a Singapore-headquartered digital cross-border payments company with presence across Asia-Pacific, North America and Europe. InstaReM has created a unique payments mesh which is being leveraged by financial institutions, SMEs and individuals to make fast, low-cost cross-border payments available to more than 55+ countries. InstaReM also serves institutional and corporate clients with its international business payments platform providing bulk, customized, multi-currency payment facilities. Since starting operations in 2015, InstaReM has raised US$ 38 million in three rounds of funding. Its investors include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures and Beacon Venture Capital. InstaReM is also a member of RippleNet, Ripple’s global network of 200+ banks and other financial institutions, and a winner of Ripple’s Blockchain Innovator Award for innovations in the payments space. For more information, visit https://www.instarem.com/
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, https://usa.visa.com/visa-everywhere/blog.html and @VisaNews.
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