Users of InstaReM and SBM Bank India will be able to remit money to more markets and send funds overseas in real-time
SINGAPORE, 3 August 2020 – InstaReM, the consumer and SME brand under global fintech platform Nium, has partnered with SBM Bank India to facilitate Outbound Remittances from India. The new partnership would lead to improvement in existing outbound remittance service offerings for both InstaReM and SBM users, including introduction of new remittance corridors, increased frequency of transactions for Outbound Transactions and enhanced delivery timings for transfers.
Traditionally known to be the top receiver of remittance, India has been witnessing an increase in the amount of funds being sent abroad after the revision to the limits of the Liberalised Remittance Scheme (LRS) in 2015. Just in 2018-2019 alone, the amount of outflow funds stood at approximately USD 14 billion, a huge spike from USD 1 billion in 2014-2015.
Through this partnership, InstaReM will work closely with SBM Bank India as its licensed banking partner to facilitate international money transfers from India to an expanded list of markets, including new destinations such as Malaysia and Hong Kong. This adds on to existing prominent corridors such as the United States, Canada, Australia, Europe, & Singapore.
SBM Bank India will also be utilising InstaReM’s payment rails to facilitate outbound transfers for their users in India. Similar to InstaReM’s users, SBM Bank India’s customers will now be able to remit money to over 100 corridors that InstaReM is present in, 65 of which is in real-time.
“We have seen an increase in demand from consumers in India to send funds overseas, and I am excited to be working with SBM Bank India to facilitate this. InstaReM was started with the aim of making remittance a fuss-free, convenient and transparent process for all, and this partnership with SBM Bank India to not only improve InstaReM’s own outbound remittance service offering in India, but also that of our partner bank SBM Bank India is a testament of our ongoing commitment,” said Yogesh Sangle, Global Head of Consumer and SME Business, Nium.
Commenting on the partnership, Neeraj Sinha, Head-Retail and Consumer Banking, SBM Bank India, said, “We believe that collaboration is much more rewarding as against competition, especially when it comes to delivering the best of banking solutions to our customers. Our recent tie-up with InstaReM will not only offer an expanded access to more countries across the world; but also do the same with better efficiency, transparency, affordability and baked in security. We seek to expand this partnership well beyond one product going forward.”
InstaReM started operations in India back in 2017 and has helped many consumers in the country remit money overseas in a more convenient, faster, and more transparent manner. The company was one of the first to introduce digital remittances done solely via mobile apps, bypassing the need for consumers visit to branches and stand in-line. With transparent charges and competitive FX rate, InstaReM has helped save costs for many consumers, allowing them to not only save more money, but to remit more money to their loved ones as well.
To access this service, customers in India can simply make the transfer out using either the InstaReM webpage or mobile app. For more details about the service, please visit: https://www.instarem.com/en-in/.
Nium is a global financial technology platform redefining the way consumers and businesses send, spend and receive funds across borders. The company is continuously innovating to provide the most relevant and agile solutions to meet the needs of consumers and businesses, having evolved from solely focusing on consumer remittance via InstaReM, to also providing fintech solutions for businesses from 2019. Nium is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and the United States of America, and processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs and retail users across the world. Nium’s investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment. For more information, visit: http://www.nium.com.
About SBM Bank India
SBM Bank (India) Limited “SBM Bank India” is the first bank to receive universal banking license from the Reserve Bank of India to set up and operate as a Scheduled Commercial Bank under Wholly Owned Subsidiary (WOS) mode offering banking services in India. SBM Bank India has a network of 6 branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Ramachandrapuram. SBM Bank India has profound domain expertise and is led by a core team comprising of industry veterans having over a century of cumulative experience in banking and financial services. The Bank offers a diverse suite of universal products and services to its customers which include Deposits, Advances, NRI Services, Treasury Products and Trade Finance Services. SBM Bank India stands poised to embark on a new journey, innovating in every sphere of its business, expanding its service proposition to include an extensive suite of retail and wholesale banking products and capital markets. For more information, visit www.sbmbank.co.in.