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Nium launches cross-border payments platform in Indonesia

Nium IndonesiaSingapore-based Nium said on Wednesday that it has received the Fund Transfers license from the Bank Indonesia. NIUM’s digital money transfer service will enable consumers and enterprises in Indonesia to send money to over sixty destinations globally efficiently and cost-effectively.

With NIUM’s payments platform, retail consumers, Small & Medium Enterprises (SMEs), financial institutions and the other payment service providers in Indonesia can “experience a seamless digital experience” while moving money across borders, the company said. NIUM-powered PT InstaReM Mitra Indonesia has been registered as a Fund Transfer Operator with the Bank Indonesia to remit and transmit funds in and out of Indonesia.

The platform will also enable enterprises and fintech companies in Indonesia to make B2B commercial payments, issue their own-branded employee expense cards, supplier card payments and customer cards. The NIUM platform will also enable the enterprise users in Indonesia to automate and expedite the receipt of multi-currency payments from the different parts of the world with account real-time receivable tracking.

“We already serve Indonesia as an inbound market and are excited to launch our complete value proposition now with the new license that empowers us to conduct outbound transfers from Indonesia. 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. One of the most promising markets in Asia, Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow…,” said Prajit Nanu, Co-founder and CEO of NIUM.

NIUM’s Indonesian operations will be headed by Vadyo Munaan, an industry veteran with extensive experience in financial services and payments industry.

“With growing individual remittances, cross-border trade, e-commerce, and freelancing opportunities, there is an urgent need for an efficient platform in Indonesia that addresses the needs of different stakeholders while sending or receiving payments across borders..,” said Munaan.

Nium, formerly known as InstaRem, has a presence across the Asia Pacific, North America, Canada and Europe. Its payments mesh is used by individuals, small and medium enterprises as well as financial institutions. It also has partnerships with global payment firms such as Ripple, Visa and First Data.

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