InstaReM a payments and money transfer Fintech has launched its services in Canada.
InstaReM is one of the largest digital cross-border payments providers globally, with regulatory licenses in eight markets and covering 40 countries, reaching 3.2 billion people in developed and developing countries.
In Canada, InstaReM is registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The launch of the digital money transfer service will help individuals and businesses in Canada to send money to over sixty countries, including the UK and the US. InstaReM claims that customers save substantially with their service in comparison to money transfers using traditional channels such as banks.
Canada is said to be one of the leading remittance-sending countries in the world with its large global population. In 2017, as much as US $24.6 billion was sent out of Canada in remittances with countries like China (US$4.14 bn), India (US$2.88 bn), and Philippines (US$2.37 bn), being some of the top recipients.
Prajit Nanu, Co-Founder and CEO of InstaReM commented on the expansion:
“At InstaReM we’re committed to giving people the platform to use their money their way and after launching successful operations in some of the high-traffic corridors in the Asia-Pacific, European Union and the United States, we are thrilled to arrive in Canada. Our innovative payments solutions enable individual and enterprise users to send, spend and collect money to and from any part of the world – while saving on high transaction costs that are associated with traditional cross-border money movements.”