Nium launches real-time payments to Malaysia

Thursday 19 May 2022 15:12 CET | News

Singapore-based fintech Nium has made real-time payments available in Malaysia and announced broader local license capabilities.

With the addition of Malaysia, Nium now processes over 75% of transactions globally in real-time, and increases its total real-time payment markets to 100 countries.

According to GlobalData, Malaysia recorded 1.1 billion real-time payment transactions in 2021, accounting for an estimated USD 434 million cost savings for businesses and consumers. The report also forecasts real-time transactions in Malaysia to grow to 3.6 billion in 2026.

With real-time payments in Malaysia and other emerging markets around the world expected to surge in the future, Nium is positioned to help global businesses drive payments, manage liquidity, and grow their business faster across the globe, as per the press release.

The company has also announced it secured an expanded licence in Malaysia. Nium is now able to onboard licenced corporations of all sizes to its platform, including financial institutions and PSPs, with higher outbound limits, up to USD 1,362,088 per day, and the ability to control end user pricing.

The ‘International Remittance Hub’ (IRH) licence is issued by the central bank of Malaysia, Bank Negara Malaysia (BNM), and it provides Nium with in-market capabilities, including Pay Out in more than 190 countries, with over 100 in real-time, as well as technology and compliance cost savings for businesses, and settlement in local currency (MYR).

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Keywords: real-time payments, expansion, fintech, PSP, settlement, Nium
Categories: Payments & Commerce
Companies: Nium
Countries: Malaysia
This article is part of category

Payments & Commerce


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