Australian fintech startup and global digital cross-border payments provider has launched its services in Canada, solidifying its presence in North America. The startup offers quick, convenient, and cost-effective digital cross-border money transfers to individuals and businesses globally. The startup was founded by Australian Indian, Prajit Nanu, who during a holiday trip to Phuket, Thailand experienced problems getting money transferred to him from Australia during an incident.
Prajit Nanu-CEO InstaReM
The fintech startup
, InstaReM is registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to remit and transmit funds out of Canada. The launch of the digital money transfer service will help individuals and businesses in Canada to send money to over sixty countries, including the UK and the US, with InstaReM’s Zero-Margin and Low-Fee international money transfers.
Customers save substantially with InstaReM when compared to money transfers using traditional channels such as banks and money transfer companies.
Canada is one of the leading remittance-sending countries in the world, which is attributed to the large expat population from different parts of the world. In 2017, as much as US$24.6 billion was sent out of Canada in remittances with countries like China (US$4.14 bn), India (US$2.88 bn), Philippines (US$2.37 bn), France (US$1.23 bn) and Italy (US$1.07 bn), US (US$ 662 mn) and the UK (US$ 570 mn) being some of the top recipients, according to the World Bank. According to Statistics Canada, the average cost of sending money from Canada from the available channels including banks and money transfer companies was around 6% of the amount sent.
InstaReM offers live mid-market FX rates and charges just 0.50% to 1% of the amount sent, which makes it one of the most cost-effective money transfer service in Canada. Registered users in Canada can use this service at their convenience with InstaReM’s user-friendly website or the mobile app.
Prajit Nanu, Co-Founder and CEO of InstaReM commented in an interview with Thailand Fintech
News, “At InstaReM we’re committed to giving people the platform to use their money their way and after launching successful operations in some of the high-traffic corridors in the Asia-Pacific, European Union and the United States, we are thrilled to arrive in Canada. Our innovative payments solutions enable individual and enterprise users to send, spend and collect money to and from any part of the world while saving on high transaction costs that are associated with traditional cross-border money movements.”
InstaReM is one of the largest digital cross-border payments providers globally, with regulatory licenses in eight markets and covering 40 countries, reaching 3.2 billion people in developed and developing countries. InstaReM is consistently ranked by the World Bank as the lowest cost operator in a number of corridors in Asia-Pacific.
The company is also expanding into the South American, Middle East and other South East Asian markets that were not yet explored shortly with plans to open an office also in Vietnam. It already has offices in Singapore, Hong Kong, Malaysia, India, Australia and Canada.