- KasikornBank, or KBank, set to pair up with Singapore-based online money transfer firm to help customers across the region
- New partnership will mean faster delivery and turnaround times for customers looking to make transfers
- “With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts”, says InstaRem boss in a statement
InstaReM, an important node in the cross-border payments network, has announced it will partner with a bank based in Thailand.
InstaReM will now work with KasikornBank, or KBank, which is one of Thailand’s leading providers of financial services.
As part of the new partnership, InstaReM will now power the online money transfer transactions of customers at KBank.
The new partnership will currently only be offered in selected countries. However, for eligible customers, it will help enhance the transaction experience.
InstaReM is already a major provider of services in this space and it fulfils the same task for 3 out of 10 banks in Southeast Asia.
It also works with countries further afield and has become a leading name in the sector in recent years.
Part of the appeal of InstaReM’s offer is that it can decrease transaction times, meaning that customers in Thailand can see their money reach friends and family abroad sooner.
Its established infrastructure means that there is more certainty around payout amounts.
The founder and CEO of InstaReM has said that his team was “delighted” about the move.
“We are delighted to be working together with KBank to power their outward remittances”, said Prajit Nanu.
“This relationship further cements InstaReM’s position as a leading provider for cross-border transactions. With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts.”
For KBank, Senior Executive Vice President Silawat Santivisat said the bank was at “an exciting stage”.
“This is an important partnership for KBank at an exciting stage in our evolution”, he said.
“We are continuing to expand our cross-border payment capabilities into key markets across the world, as we are witnessing increasing demand from our customers. We are confident that InstaReM’s services will complement our offering and further strengthen our capabilities in serving our clients.”
South East Asia is a region with a thriving and ever-growing economy, and it’s no surprise to see partnerships like these designed to innovate and improve the money transaction experience for customers. InstaReM is itself a Singapore-based firm, so it makes sense that it powers 3 in 10 of the major banks in the region already. Looking ahead, it’s likely that as the economy becomes more globalised that firms like InstaReM will be increasingly in demand from large financial institutions looking to ensure that their customers get the kind of fast, efficient money transfer experience they are coming to expect.
Discover more about partnerships between firms in the same space as InstaReM and KBank here, at our news page.
