Ripple partner, InstaReM has enabled B2B payments into China as first reported by businessinsider and also tweeted out by @MatthewLINY
InstaReM which most people do not know is short for Instant Remittance is a Fintech startup company which is headquartered in Singapore offers digital cross-border money transfer to individuals and businesses. Currently, InstaReM is focused mainly on Asia. Since starting operations in August 2015, InstaReM is serving 150 corridors with a staff of around 100 people globally.
InstaReM first year of operations, InstaReM managed to gain 8% of remittance market share in Australia to India corridor. InstaReM is a Singapore-headquartered cross-border payments company. Founded in 2014, InstaReM is licensed as a Money Services Business (MSB) in Singapore, Hong Kong, Australia, USA, Lithuania, Canada, India and Malaysia. InstaReM powers local payments to more than 60 countries and 3.2 billion people across the globe. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments.
The company has also developed InstaReM MassPay, a product for managing bulk payments to multiple beneficiaries in multiple currencies. Singapore was the world’s 15th largest importer in 2017 at US$328 billion, with US$42.6 billion of imports from which coming from China.
In September 2017, InstaReM received regulatory approval from the Reserve Bank of India (RBI) for facilitating overseas remittances from India.
Ripple partnered with InstaReM back in February of 2018. InstaReM is Southeast Asia leading digital cross-border money transfer service provider and did announce that they will be using RippleNet for there member in Southeast Asia. RippleNet is Ripple’s global network of banks and other financial institutions which provides real-time messaging, clearing and settlement of financial transactions. The new partnership will allow RippleNet to offer their corporate and SME customers quick and hassle-free payouts to a number of destinations in the region.
Co-found and CEO of InstaRem said:
“We are pleased with this new partnership with Ripple which will see RippleNet members utilizing InstaReM’s unique payments mesh we have developed in Southeast Asia to further streamline payment processes.”
To further add onto this statement Patrick Griffin – Head of Bussiness Development at Rippled chimed in and said:
“Whether it’s a teacher in Singapore sending money to his family in Thailand, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for customers, not against them.”