- SBI Cosmoney and SBI Remit, which are themselves money transfer firms, are both set to partner with InstaReM – Singapore’s leading cross-border payments firm
- The new partnership will offer faster transaction times for customers of the two companies, based in Japan and South Korea
- “We are pleased to be partnering with InstaReM in delivering swift, secure and efficient remittance services for our customers”, said SBI Cosmoney chief executive
Singapore-based online money transfer service InstaReM has announced that it will partner with a pair of Asian companies to help with cross-border payments.
InstaReM, which is well-known in the money transfer industry as an example of an innovative firm, will work alongside SBI Remit and SBI Cosmoney.
SBI Remit is based in Japan, and it has been in existence since 2010.
It was the product of a change in the law in the country.
SBI Cosmoney operates in nearby South Korea and can facilitate transactions to over 10 countries around the world.
As part of the new joint offer, InstaReM will be able to speed up the transaction process of customers of the two SBI banks.
It will mean that SBI can offer its clients guarantees of when the remittance will arrive with the recipient.
This is a key demand for many modern cash transfer consumers, especially those in the business-to-business sector.
According to Joe Kim, who is the chief executive officer of SBI Cosmoney, the new relationship will be “swift, secure and efficient”.
“We are pleased to be partnering with InstaReM in delivering swift, secure and efficient remittance services for our customers”, he said.
InstaReM is a major name on the money transfer scene.
It operates in most of the world’s economically developed regions, including North America and across the Asia Pacific.
It has a range of high-profile investment sources including Atinum Investment, Vertex Ventures and Fullerton Financial Holdings.
Other big names which back it include Global Founders Capital, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund and MDI Ventures.
In total, it has raised $65m.
InstaReM’s partnership with these two firms is interesting, as it is slightly unusual and breaks the established mould for partnerships of this sort.
Usually, when a money transfer service partners with a financial institution, they choose a bank: banks tend to be slow while dedicated money transfer services are fast, so the value of the partnership is obvious.
In this case, however, InstaReM has partnered with another money transfer firm.
It could well be interpreted by some as a sign that InstaReM has services, expertise and skills that other money transfer firms can only dream of enjoying themselves – and has hence positioned itself as a partner in high demand by all kinds of financial services organisations.
Don’t let the money transfer sector develop without your knowledge.
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