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Nium approved as a ‘Registered Financial Service Provider’ in New Zealand

By Gloria Mathias

April 16, 2024

  • Financial Inclusion
  • Financial Institution
  • Financial Tools

Nium, Jeonbuk Bank, Remittance Service, financial institution, real-time payments, financial tools, foreign immigrants, financial inclusion, Fintech news, Fintech APAC, Registered Financial Services, New Zealand, Fintech News, Nium, the global real-time, cross-border payments provider has announced that it is registered as a Financial Services Provider in New Zealand.

This pivotal step marks Nium’s entry into the dynamic financial landscape of New Zealand and reinforces its commitment to delivering innovative financial solutions globally.

The registration adds to Nium’s extensive portfolio of licenses and registrations that cover more than 40 countries globally. In 2024, Nium has already received approvals / in-principle approvals for four licenses and registrations, including:

  • Japan: Type 1 Funds Transfer Service Provider (FTSP) license from Japan’s Financial Service Agency (FSA)
  • India: Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI)
  • India: Payment Aggregator (PA) license from the Reserve Bank of India (RBI)
  • New Zealand: Registration on the Financial Service Provider Register (FSPR)

This registration is a first step towards offering businesses in New Zealand a range of financial services that could include virtual accounts, debit and pre-paid cards, funds collection, and global payouts.

The move builds on Nium’s well-established presence in the Oceania region – with two out of three spend management platforms in Australia leveraging Nium’s global network. The registration in New Zealand further strengthens Nium’s position as a leader in cross-border money movement, empowering banks, financial institutions, travel platforms, payroll providers and other businesses.

Runn Sachasiri, Senior Vice President of Global Expansion and CEO’s Office at Nium stated, “We are thrilled to bring Nium’s innovative cross-border payments services to New Zealand. We look forward to enabling businesses to do more commerce with New Zealand by providing the speed, efficiency, and transparency of payments that has long been missing from the global markets.”

Nium recently announced its partnership with Weel, Australia’s leading spend management platform as a card-issuing partner.

“Our partnership with Nium is a key enabler of our strategy to support the global spend management needs of our customers,” stated Russell Martin, Co-Founder and CTO at Weel. “Nium’s registration in New Zealand paves the way for us to meet demand from our customers to bring our offering to the New Zealand market in the coming months.”

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