[India], Jan 1 (ANI): Singapore headquartered fintech start-up, InstaReM, which offers convenient and cost-effective international money transfers to individuals and businesses aims to grow 600 percent in financial year 2018-19.
"InstaReM is able to transfer funds within 24 hours in Asia, compared to the average two to four days transfer by banks. We want to drive the adoption rate of technological innovations across both business as well as individual consumers. We have the EU and US markets in sight this year, and will be growing 600 percent in FY18-19," said co-founder, InstaReM, Prajit Nanu.
The company is one of the largest cross-border payments providers globally, with licenses in eight markets and covering 60 countries, reaching to 3.2 billion people in the developed as well as developing countries.
The firm had expanded its footprint into the European Union as well with the opening of an office in Lithuania in September 2017.
The company which has been busy opening new markets in 2017, will also start its India operations in 2018, following recent approval from the Reserve Bank of India (RBI).
In November 2017, InstaReM launched Malaysia operations in Kuala Lumpur. Besides individual and corporate customers in Singapore, Australia and Hong Kong, Malaysia was next in line to enjoy cost-effective and efficient cross-border money transfers to over 60 countries across the globe.
InstaReM's massive growth is due to the fact that while according to the World Bank, cross-border remittances cost an average of 7.32 percent of the amount sent.
In contrast, InstaReM charges a transparent, nominal fee (typically 0.5 percent), which is known to the customer before the transaction.
And in 2018, more markets in EU and US will be enjoying this service.
This massive difference in cost, is because there is no physical cross-border handling and movement of funds allows InstaReM to avoid incurring and passing on international bank handling fees to customers.
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.
In this post funding expansion the firm aims to be active in 34 corridors in Europe by September 2018.(ANI)