InstaReM, Ripple’s Partner, Launches Money Transfer Service In Europe
Singapore-based cross-border money transfer service provider InstaReM, which is also collaborating with Ripple, has launched its service in Europe with head-quarters in London.
The decision to launch its service in the European market is to ‘bottom out’ the market and claim to be the ‘price champion’. The company has already gained such an accolade when it launched its Southeast Asia operations in 2014.
InstaReM believes that the dominance it has in the Southeast Asian market will enable them to have a head start and cost advantage over its competitors in Europe, particularly when it comes to money transfers from Europe to the Asian markets. The company has estimated that transfers to Southeast Asian markets represents one-third of the total cross-border transfers from the UK. This means InstaReM will be able to easily beat its competitors in the UK as well.
For three consecutive quarters, the World Bank had ranked InstaReM as the most competitive remittance platform in a number of payment corridors such as Singapore to Bangladesh, Philippines, Malaysia, India, Sri Lanka, and Indonesia. I was also judged to be the best payment corridor from Australia to India, Phillipines, Malaysia, and Vietnam. Following the launch, the company aims to replicate a similar performance in major European payment corridors as well.
InstaReM has a partner network of 8,000 banks across the world. Furthermore, it is in a position to serve more than 3 billion people across 60 countries. All these achievements have been made in a matter of three years, with less than $20 million in capital. InstReM aims to get listed in another three years. InstaReM charges a general transaction fee of 0.35%, versus a fee of between 1% and 3% plus FX spread charged by other payment service providers.
Commenting on the launch, the Co-founder and CEO of InstaReM, Prajit Nanu said
“We want European consumers to get what they want when they transfer money across borders: speed and the lowest possible rates. This is what we’ve delivered in Southeast Asia, and this is what we’ll bring to Europe by bottoming out the market on behalf of consumers. No one can compete with our presence in the markets that our customers want to transfer money too.”
InstaReM announced its partnership with Ripple on May 31, through a tweet.
— InstaReM (@InstaReMit) May 31, 2018
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