Prajit Nanu, co-founder and chief executive officer, InstaReM

Thailand-based banking group, KASIKORNBANK (KBank) has selected InstaReM for powering its cross border payments across select markets. The partnership is expected to enhance InstaReM’s position in the payments market space.

Prajit Nanu, co-founder and CEO of InstaReM commented on the partnership- “We are delighted to be working together with KBank to power their outward remittances. This relationship further cements InstaReM’s position as a leading provider for cross-border transactions. With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts.”

Established in 1945 in Thailand, KBank conducts commercial banking business, securities business, and other related businesses. The bank provides solutions with respect to banking, fund management, economic and financial analyses, securities brokerage and financial advisory, auto financing and leasing services, as well as financial technology and infrastructure.

Mr Silawat Santivisat, Senior Executive Vice President of KASIKORNBANK, said, “This is an important partnership for KBank at an exciting stage in our evolution. We are continuing to expand our cross-border payment capabilities into key markets across the world, as we are witnessing increasing demand from our customers. We are confident that InstaReM’s services will complement our offering and further strengthen our capabilities in serving our clients.”

Previously InstaReM has partnered with a number of Southeast Asian Banks and FIs for cross-border payments solutions. It also collaborated with First Data in a  bid to deliver a strong proposition for corporates and fintechs with a need to issue cards to employees, vendors or consumers.

by Megha Bhattacharya
Market Analyst at IBS Intelligence