Per the announcement information, this builds on the increased demand for the company’s virtual credit card offering globally.
Travel intermediaries and operators alike leverage Nium’s virtual card solution to pay suppliers around the world in an efficient manner, with its customers benefiting from optimised working capital due to reduced foreign exchange (FX) fees, increased acceptance rates, expedited reconciliation, fewer opportunities for fraud, and improved protection against refunds.
As part of the expansion, Nium is progressively rolling out a combination of domestic issuing and funding in Hong Kong, Singapore, Australia, and Japan, looking to further upgrade the payment experience for its new and existing customers within the APAC region. This is set to be added to more than 20 current currencies that are already supported by Nium’s virtual card solution throughout Europe and North America. The expansion follows a rebound in APAC tourism after the global pandemic, with the total travel market in the region projected to reach USD 490 billion in 2025, a 10% increase from 2019.
Corporate travel management expert and business travel solutions provider Connexus Travel and global hotel B2B platform Convergent are among the first of Nium’s customers to benefit from the new local funding and issuing capability in Hong Kong.
When commenting on the news, Nium officials said that to capitalise on the growth opportunity at hand, travel businesses require increased control, transparency, and insight into how they make payments worldwide. The expansion enables the company to have this delivered at a time when its customers need it most.
More to this point, company representatives added that travel is a dynamic industry, and thin profit margins, tighter regulations, and changing consumer preferences mean online travel agents and intermediaries demand more flexible, secure, and cost-effective methods to pay suppliers worldwide. The spokesperson believes Nium’s roots as a remittance fintech born out of Singapore, combined with its expertise in travel, position the company to help its customers solve their payment difficulties with local execution on a global scale.
The press release further highlights that Nium has a strong foothold in Europe, the Americas, and APAC, with an extensive global customer base. The expansion marks the first step in Nium’s global travel innovation roadmap, with further geographic and product expansion in APAC and LATAM planned. Apart from its virtual credit card solution, the fintech provides a closed-loop payments solution for airlines, and real-time cross-border collections and payouts to bank accounts, digital wallets, and cards in more than 100 currencies for global businesses, fintechs, and financial institutions.
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