- Service set to target SMEs who trade between the UK/EU and China
- Launch of the new features reflects the high volumes of trade between the two regions in the face of growing global trade tensions which are China-focused
- “Leveraging its world-class digital money transfer platform, InstaReM is offering businesses in the UK and Europe a quick and easy way to make payments into China”, says CEO
Singaporean cross-border payments provider InstaReM has announced that it will now offer a new service designed to help businesses based in the UK and EU markets to place inward payments to China.
The new service, which is available from now onwards, will provide these businesses with the opportunity to make trade transactions smoother and faster.
There will be a special emphasis on the role played by small to medium-sized enterprises (SMEs), and the new service is specifically designed to appeal to these people who form what InstaReM perceives to be a gap in the market.
According to data released by the European Commission, an EU-wide body, China forms the EU’s second-largest export market.
Each day, an average figure of more than one billion euros is traded between China and the bloc.
The UK also enjoys similarly high figures. China is responsible for 7% of all British imports.
According to InstaReM’s CEO and co-founder, Prajit Nanu, infrastructure needs to catch up with reality.
“With trade getting increasingly globalized, businesses need to make payments to multiple stakeholders – suppliers, staff, freelancers etc. – spread across different parts of the globe”, he said.
“Unfortunately, cross-border B2B payments have been challenging, especially for the SMEs, due to the legacy infrastructure that entails multiple touchpoints – each one adding to the overall costs and time taken.
“Delays in payments means opportunity cost for businesses. Leveraging its world-class digital money transfer platform, InstaReM is offering businesses in the UK and Europe a quick and easy way to make payments into China. We are confident that this service should help EU/UK businesses to build stronger connections with their counterparts in China”, he added.
InstaReM is clearly a provider with its finger on the pulse. It has made this move to enable better trading relationships between China and the West at a time when these trading relationships are under threat.
US President Donald Trump might be placing sanctions on goods imported from China, but other western markets – like the UK and Europe – are of course not subject to the same ties.
However, there are still worries about what the knock-on effects might be, even for exporters who are based outside of the US. By making these relationships smoother and easier, InstaReM is sure to reap the rewards from exporters who want stability and ease in a time of tumult.
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