Nium expands real-time payments to Malaysia
By Leandra Monteiro
Nium, the global platform for modern money movement, announced the availability of real-time payments in Malaysia, further strengthening the company’s real-time payments capabilities across the globe. With the addition of Malaysia, Nium now processes over 75% of transactions globally in real-time and increases its total real-time payment markets to a market-leading 100 countries.
According to GlobalData, Malaysia recorded 1.1 billion real-time payment transactions in 2021, accounting for an estimated $US434 million cost savings for businesses and consumers. The report also forecasts real-time transactions in Malaysia to grow to 3.6 billion in 2026.
“More countries are turning to Nium to bring their legacy systems into the modern age,” said Pratik Gandhi, COO and co-founder at Nium. “We enable money to move around the world – instantly, easily, and securely – while helping businesses position themselves for more opportunities in the digital future.”
With real-time payments in Malaysia and other emerging markets around the world expected to surge in the coming years, Nium is aptly positioned to help global businesses drive faster payments, better manage liquidity, satisfy their customers, and ultimately grow their business faster across the globe.
Nium has also announced it has secured an expanded license in Malaysia. Nium is now able to onboard licensed corporations of all sizes to its platform – including Financial Institutions and PSPs – with higher outbound limits, up to MYR6,000,000 per day, and the ability to control end user pricing.
The “International Remittance Hub” (IRH) license is issued by the central bank of Malaysia, Bank Negara Malaysia (BNM), and it provides Nium with in-market capabilities including Pay Out in more than 190 countries, with over 100 in real-time, as well as technology and compliance cost savings for businesses, and settlement in local currency (MYR).
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