Instarem announces corridor from Hong Kong to China

Friday 15 October 2021 11:22 CET | News

Singapore-based cross-border payments platform Instarem has announced that consumers and SMEs in Hong Kong can now send money to China in Chinese Yuan on their upgraded Instarem app.

With the new currency introduced, users have the ability of sending money in either Hong Kong Dollar (HKD) or US Dollar (USD) to China, where recipients will receive this in Chinese Yuan (CNY). When it comes to SMEs transacting, they will be able to do so for a range of purposes which include ‘declared goods trading’, ‘travel & freight expense payments’ and ‘service & consulting fees’. Businesses can also reach out to Instarem if they have a reason to transfer that lies outside of these areas and Instarem will make allowances on a case-by-case basis.

Aside from new look and navigation, the new Instarem app will give users in Hong Kong access to functions like Quick Send and Quick Access. Quick Send lets users send money to their ‘favourite’ beneficiaries in 2 clicks and Quick Access gives them visibility over a dashboard featuring their recent transfers. 

The upgraded Instarem app was first rolled out to users in Singapore and subsequently to users in Australia earlier this year.

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Keywords: mobile payments, expansion, SMEs, cross-border payments, money transfer
Categories: Payments & Commerce | Mobile Payments
Countries: Singapore
This article is part of category

Payments & Commerce