InstaReM to power SBI Remit’s and SBI Cosmoney’s cross-border payments to select markets
September 10, 2019
Singapore, 10 September2019: InstaReM, a leading global financial payments infrastructure company, has announced that it will now power real-time cross-border payments for the clients of the SBI Remit and SBI Cosmoney, part of one of Asia’s leading payments companies, across select markets.
Announcing InstaReM’s partnership with SBI Remit and SBI Cosmoney, Prajit Nanu, co-founder and CEO of InstaReM said, “We are delighted to be working together with SBI Remit and SBI Cosmoney to power their outward real-time remittances. This relationship further cements InstaReM’s position as a leading provider for real-time payments. With InstaReM, the clients of SBI Remit and SBI Cosmoney will be able to realize faster turnarounds, while being assured of certainty on delivery times and payout amounts.”
InstaReM already powers payments for four of the top ten Southeast Asian Banks and leading financial institutions across the globe. This partnership with SBI Remit and SBI Cosmoney helps InstaReM further entrench itself as a leading player in the institutional payments space.
Mr. Joe Kim, CEO of SBI Cosmoney, said, “We are pleased to be partnering with InstaReM in delivering swift, secure and efficient remittance services for our customers.”
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Singapore-headquartered InstaReM is the only digital cross-border payments company with presence across Asia-Pacific, North America and Europe, covering 40+ countries. It has created a unique payments mesh which is being leveraged by individuals, SMEs and financial institutions to make fast, low-cost cross-border payments to more than 55+ 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. The company has significantly enhanced its payments capabilities in the recent past by entering into strategic partnerships with global payments leaders including Ripple, Visa and First Data. Since starting operations in 2015, InstaReM has raised US$ 65 million in funding. Its investors 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.
For more information, visit https://www.instarem.com/
About SBI REMIT
SBI Remit is a leading cross-border Fund Transfer Service Provider in Japan founded in 2010 in response to a change of legislation that authorized for the first time nonbank financial institutions to engage in money transfer services. The company has a clear corporate mission to deliver the best services to the increasing number of foreign nationals residing in Japan and always seeking to offer faster transaction at cheaper costs, heralding a bright future for the cross-border remittance industry.
SBI Remit is supporting to transfer money to over 220 countries, and will expand businesses and payments network by providing secure and rapid, and reliable transfers.
For more information, visit https://www.remit.co.jp/
About SBI COSMONEY
SBI Cosmoney is a leading online money transfer service in Korea. The company was founded in 2017 with the vision of making international money transfers cheap, fast, and simple.
SBI Cosmoney is supporting twelve countries – United States, United Kingdoms, Canada, Australia, Vietnam, the Philippines, Malaysia, Singapore, Indonesia, Cambodia, China, and Nepal. SBI Cosmoney will continue to expand the reach of their network and innovate new ways to send money online, with an array of convenient pay-out options to meet business and consumer.
For more information, visit https://www.sbicosmoney.com/
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