InstaReM announces new operation in Canada

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Operations to begin in Canada, with tools like zero-margin services on offer
  • Canadian customers will be able to send cash to over 60 countries across the globe in a wide range of currencies
  • “At InstaReM we’re committed to giving people the platform to use their money their way…We are thrilled to arrive in Canada”, says InstaReM’s CEO

Leading cross border payments name InstaReM has announced that it will be opening up shop in a major new North American market.

InstaReM, which is headquartered in Singapore and which is considered a “rising star” in the online money transfer world, said that it would commence operations in Canada from now onwards.

It will be possible for Canadian residents to send cash to more than 60 nations across the globe.

They will be able to participate in a range of InstaReM features, including zero-margin transfers.

In order to set up in Canada, InstaReM is now registered as a Money Service Business at the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The Singaporean firm operates in more than 40 countries and straddles the traditional dividing line between working in developed and under-developed economies.

According to Prajit Nanu, who is the co-founder of InstaReM and its current CEO, the move will help facilitate transfers along “some of the high-traffic corridors” of the global payments world.

“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”, he said.

“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”, he added.

Canada is back in the cross border payments news again, this time with the announcement that InstaReM is set to open up in the country.

This follows the news earlier in the week that Western Union would now offer account-funded cash transfers, as well as various other partnerships spearheaded by firms in this sector from recent months.

It’s possible that underlying demographic trends might be having something to do with this: six million immigrants have come to Canada since 1990, and the government there plans to increase its migration targets.

With a maximum of $24.6bn being transferred out of Canada to other countries, it is now one of the world’s most remittance-heavy places – and with plenty of foreign workers in the country looking to make transfers to their loved ones back home, it’s unlikely that this trend is going to show signs of settling down any time soon.

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