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Nium extends cross-border payments service to Indonesia

Thursday 14 November 2019 10:28 CET | News

Open Banking Report 2019

Singapore remittance startup Nium (formerly Instarem) has received a Fund Transfers license from Bank Indonesia to enable cross-border digital payments services in the country, according to Tech in Asia.

Open Banking Report 2019

The Nium-powered PT Instarem Mitra Indonesia is registered as a fund transfer operator with Bank Indonesia to remit and transfer funds in and out of the country, according to a statement. 

Through the Rocket Internet-backed startup’s service, Indonesian consumers and enterprises will now be able to send money to over 60 destinations globally. It will also allow enterprise users to automate and speed up the receipt of international and multicurrency payments. 

The Nium platform will also enable companies and fintech firms in the country to make business-to-business commercial payments and issue their own employee expense cards, supplier card payments, and customer cards. 

The startup recently announced it had decided to withdraw its bid for a digital banking license in Singapore to focus instead on its global payments business and expansion to new markets. The company is also reportedly looking into acquiring new electronic money institution licenses for card issuing and stored-value facilities in Mexico and Brazil.

 



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Keywords: Nium, cross-border payments service, Indonesia, fintech, license, payments
Categories: Banking & Fintech
Companies:
Countries: Indonesia
This article is part of category

Banking & Fintech