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|Nium is a member of Visa’s Fintech Fast Track programme|
Nium Pte., Ltd. (formerly known as InstaReM Pte., Ltd.) is the first fintech-based money transfer service provider in Southeast Asia to support instant money transfers into recipients’ bank accounts through their 16-digit Visa debit card numbers. Now live in Singapore, this solution is designed for both peer-to-peer and business-to-business transfers. In the first phase, remittances can be made to various Southeast Asia countries which include Indonesia, Malaysia, Thailand, Vietnam, and the Philippines.
Prajit Nanu, co-founder and CEO of Nium, said, “At Nium, we understand that individuals’ and businesses’ need to receive money quickly, especially in markets where there are no instant payment solutions like FAST or IMPS. The partnership using Visa’s push payment solution and secure network will allow our consumers to transfer money in a faster, convenient, and more secure way.”
According to a recent Visa survey, more than one in three respondents in Singapore make international money transfers at least once a year. The survey findings also indicated that close to half (49 per cent) of the respondents expect their funds to be successfully transferred in less than a day, indicating the need for an efficient cross-border money transfer solution. Singapore has a Vietnamese community of roughly 12,000 people, many of whom are migrant workers who remit money back to their families.
|The Nium platform empowers businesses to send, spend, and receive across borders, with a mission to democratise money movement across the globe|
Visa country manager for Vietnam and Laos, Dang Tuyet Dung, said, “Remittances are incredibly important for many families here, and in fact, Vietnam is among the top 10 receivers of remitted funds in the world. As such, having fast, reliable, and cost-effective means of sending money isn’t just a necessity from a microeconomic point of view – it also helps to drive the macroeconomy. Nium is the first fintech partner from Visa’s Fintech Fast Track programme to deliver real-time remittances using our push payment solution Visa Direct. We’re looking forward to working with them as they continue to develop easy means of remitting funds between Southeast Asian nations.”
Nium is a member of Visa’s Fintech Fast Track programme. This programme makes it quicker and easier for fintech partners to build and deliver new commerce experiences on Visa’s payments network.
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 its brand, products, people, network, and scale to reshape the future of commerce.
Singapore-headquartered Nium is a digital cross-border money transfer platform founded by the team that created InstaReM in 2014. The Nium platform empowers businesses to send, spend, and receive across borders, with a mission to democratise money movement across the globe.