The company states that users in Southeast Asia making regular overseas payments to vendors, suppliers, and service providers, can now do so more transparently and at Zero-Margin FX Rates with the platform. Previously, SMEs had to set up individual transactions for each payment and execute each one at a time. Now users may configure multiple transactions in one fell swoop and send them all with a single click of a button.
InstaReM’s multi-currency feature enablers recipients in different countries to receive payments in their local bank accounts in native currencies.
The feature is being rolled out to users in Singapore, Australia, Hong Kong, Malaysia in Asia-Pacific, the UK, France, Germany, Italy, Netherlands and other regions of Europe, and the US.
InstaReM adds that it plans to issue a forex card in 2019, which would allow overseas travelers to convert their native currencies on the fly and pay for products and services while travelling internationally, instead of using inefficient credit cards.
InstaReM is a Singapore-headquartered fintech with presence across Asia-Pacific, North America and Europe. InstaReM has licenses in India, Singapore, Australia, Hong Kong, US, Canada, Malaysia and Europe.
InstaReM is also a member of Ripple’s global network of banks and other financial institutions.
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