September 18, 2019
London/ Vancouver/ Singapore, September 18, 2019 – InstaReM, the global digital cross-border payments provider has launched its services in Canada, solidifying its presence in North America. InstaReM offers quick, convenient, and cost-effective digital cross-border money transfers to individuals and businesses globally.
InstaReM is registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to remit and transmit funds out of Canada. 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.
Canada is one of the leading remittance-sending countries in the world, which is attributed to the large expat population from different parts of the world. 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$1.07 bn), US (US$ 662 mn) and the UK (US$ 570 mn) being some of the top recipients, according to the World Bank. According to Statistics Canada, the average cost of sending money from Canada from the available channels including banks and money transfer companies was around 6% of the amount sent.
InstaReM offers live mid-market FX rates and charges just 0.50% to 1% of the amount sent, which makes it one of the most cost-effective money transfer service in Canada. Registered users in Canada can use this service at their convenience with InstaReM’s user-friendly website or the mobile app.
Prajit Nanu, Co-Founder and CEO of InstaReM said:
“At InstaReM we’re committed to giving people the platform to use their money their way and after launching successful operations in some of the high-traffic corridors in the Asia-Pacific, European Union and the United States, we are thrilled to arrive in Canada. Our innovative payments solutions enable individual and enterprise users 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 cross-border money movements.”
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.
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InstaReM is the digital cross-border payments company with presence across Asia-Pacific, North America and Europe, covering 40+ countries. InstaReM’s mission is to democratize money movements across the globe by developing innovative products that provide individual and enterprise users with seamless digital payments experiences. It has created a unique global payment mesh which is being leveraged by individuals, SMEs and financial institutions to make fast, low-cost cross-border payments. Since starting in 2015, InstaReM has acquired licenses, technology and entered into partnerships with global payment leaders such as Ripple, Visa and First Data, which it has packaged into an “open-money” platform that allows anyone to save, spend and receive money across 60+ countries. InstaReM employs more than 300 people across four continents and has raised US$65 million from the marquee investors who include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, Beacon Venture Capital, Vertex Growth Fund and Atinum Investment.