InstaReM, a southeast Asia’s digital cross-border money transfer service provider, has inked a strategic partnership with enterprise Blockchain payment solutions provider, Ripple. According to InstaReM, this partnership will facilitate quick and secure payouts for RippleNet members across Southeast Asia.
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. IstaReM provides local payments to more than 60 countries and 3.2 billion people across the globe.
Ripple is the third largest cryptocurrency in the world by total market cap. Today, Ripple stands at over $42 billion – topped only by Ethereum and Bitcoin. Ripple connects banks, payment providers, digital asset exchanges as well as corporates via RippleNet to provide a frictionless experience to send money globally.
RippleNet provides banks and other financial institutions 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.
Prajit Nanu, co-founder and CEO of InstaReM said, said they were pleased with the new partnership which will see RippleNet members utilizing InstaReM’s payments mesh developed in Southeast Asia to further streamline payment processes.
“We’re excited to work with InstaReM to solve the global payments problem, and the impact it has on emerging markets,” said Patrick Griffin, Head of Business Development at Ripple. “Whether it’s a teacher in Singapore sending money to his family in Thailand, or a small business owner in Malaysia 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.”