The Singapore based Instant
Remittance popularly known as is now
expanding to Thailand and bringing with it. The startup provides secure,
fast, and affordable cross border money remittance services in over 50
countries.
In Thailand, InstaReM will now power
the cross border money transactions for Kasikombank’s clients. , also known as Kbank or Kasikorn,
is a significant banking enterprise in Thailand and is listed in the Stock
Exchange of Thailand.
Speaking on the development, , the InstaReM CEO and co-founder :
“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.”
InstaReM plus Ripple’s
Powerful Partnerships
The is named under RippleNet’s extensive list of over 200 global clients. It went into a partnership with in May 2018, to create an international payment gateway between Latin America and South East Asia. has designed an outstanding Asian payment mesh that is enjoyed by both corporates and individuals.
Through InstaReM’s MassPay, SMEs and
corporate can control and manage large payments to multiple beneficiaries in
different currencies through a uniquely seamless process. Through the ’s
new payment gateways, cross border money remittance costs have dropped by over
80 percent in its countries of operation.
In his visit to the HQ, Prajit that his firm
is “deeply committed to advancing financial inclusion worldwide” and
their innovation on cash payments goes towards the accomplishment of that
goal. The CEO says that the need for
affordable remittance payments is excellent because the current range of 7 to 8
percent transaction fees in some Southeast Asian nations, for instance, is too
high for the population.
In illustration, Prajit cites cases where some of his ’s have sent $400 to $500 home after each paycheck, only to have most of it consumed by hidden fees or misappropriated by financial institutions. has been of massive assistance to InstaReM goals of affordable transactions since it eliminates the pre-funded accounts requirements in some countries.
This allows for quick real-time remittances
at low costs. ’s services have unlocked former bottlenecks of liquidity,
eliminating the need for capital investments to move money around the world.
The firm has also , due to its massive and successful efforts in
payments spaces.
Ripple’s Influence
in the U.S Faster Payment Council
has also partnered recently with the of Thailand, enabling Thailand’s oldest bank complete a cross border transaction in under a minute although it is not yet clear if they will adopt . The solution leverage XRP for settlement. SCB is Thailand’s oldest banking institution and now has become a pioneer of ’s “multi-hop” service aimed at the realization of low transaction costs for international transactions.
With so much development happening
around , it does not come as a surprise that ’s Pat Thelen has been
to the board. Thelen is
’s V.P of Strategic accounts will grace the board with his company’s vast
knowledge and experience with fast speeds of transactions.
Published at Sun, 26 May 2019 19:17:18 +0000
