NIUM, a digital payments platform based in Singapore formerly operating as InstaReM, has partnered with Frente Corretora de Câmbio, a leading foreign exchange broker in Brazil. NIUM will power Frente’s cross border payments, according to a release.
The move as a significant step for NIUMs global expansion plans.
NIUM co-founder and CEO Prajit Nanu said they are pleased to partner with Brazil’s Frente Corretora de Câmbio as Brazil is an important market for NIUM, and with Frente partnership, they are looking to expand their presence in Latin America.
“With NIUM’s fast, secure and cost-efficient cross-border digital money transfer platform, customers of Frente will be able to realize quicker remittances, while being more confident about delivery times and payout amounts.”
NIUM said it will initially conduct outbound money transfers to the United States for Frente’s clients and will then extend its services to other countries including Japan, Australia, and Canada.
First, the NIUM-Frente partnership will serve retail customers, and then the service will be extended to the corporate and SME customers.
Ricardo Baraçal, Partner of Frente stated:
“This is a significant partnership for Frente, as we accelerate our pace of growth. Retail remittances is a growing market with overall outward remittances from Brazil having crossed US$ 2 billion. We are experiencing increasing demand from our customers for cross border payments services, especially to the countries like Japan, China, United States and in Europe, where NIUM has strong presence. We are confident that the NIUM’s capabilities will strengthen our remittance platform in serving our clients.”
Frente offers its currency exchange via correspondents and claims a 250-strong network of exchange correspondents.
Frente offers remittances service on Ripple-powered Simple.