The recently-rebranded NIUM, formerly InstaReM, has received the Fund Transfers license from the Bank Indonesia and will now offer cross border digital payments.
NIUM’s Indonesian operations will be headed by Vadyo Munaan, who comes with experience in financial services and payments industry at organizations including Citibank GCB, Cigna International, Mastercard, Visa, Banks of Indonesia and MoneyGram.
According to a company release, NIUM-powered PT InstaReM Mitra Indonesia is registered to remit and transmit funds in and out of Indonesia. NIIUM’s digital money transfer service will enable consumers and enterprises in Indonesia to send money to over sixty destinations globally.
The NIUM platform will also enable Indonesian businesses to make B2B commercial payments, issue their own-branded employee expense cards, supplier card payments and customer cards. Enterprise users in Indonesia can also automate and expedite the receipt of multi-currency payments from the different parts of the world with account real-time receivable tracking.
Prajit Nanu, Co-founder and CEO of NIUM, said they already serve Indonesia as an inbound market and receipt of the license will allow them to conduct outbound transfers from the country:
“With Indonesia’s enterprising population increasingly connecting with their global counterparts, we see immense potential for cross-border money movements in and out of Indonesia,” Nanu said. “One of the most promising markets in the Asia, Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow. We are confident that NIUM’s innovative payments solutions will enable individual and enterprise users in Indonesia 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 methods.”