- Name set to change to Nium, which means “rules and principles” in Sanskrit
- New offering will allow organisations to choose which product stream they require
- “To express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to 'Nium'”
Leading global cross border payments firm InstaReM has announced that it will be changing its name as part of a rebranding exercise.
InstaReM, which is based in Singapore and which has become one of the world’s most prominent online money transfer names in a short space of time, will become “Nium” as part of the rebrand.
Nium, which is a world from the Sanskrit language meaning rules and principles, was announced last week at the Money 2020 USA conference in Las Vegas
The thinking behind Nium is that the world can become a place of so-called “Open Money” in which there are no costs whatsoever associated with the spending of it.
Nium will now partner with other organisations to form an “Open Money Network”, which is being described as a “digital collective”.
The sorts of firms expected to be able to join include organisations as diverse as travel firms and financial technology firms.
Nium will offer several product strands and streams to its customers.
It will, for example, offer pre-packaged financial services products which firms can buy.
It will also offer tech solutions which will allow customers to add Nium integrations into their technology.
In addition, it will provide its platform to firms which want to make cross border payment solutions of their own.
According to Prajit Nanu, who is the co-founder and current CEO of Nium, those at the firm aspire “to become enablers”.
He said that, to “express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to 'Nium', which is the Sanskrit word for rules and principles. We aspire to become enablers; creators of an open platform that businesses and partners use to build a world free of old constraints and restrictions – a true world of Open Money. This is Nium.”
InstaReM was first founded in 2014, and since then has accumulated a long list of investors including Vertex Ventures and Beacon Venture Capital.
For InstaReM, this change is highly significant.
It’s much more than a cosmetic rebranding exercise, although that aspect of the change will certainly take some getting used to.
It’s also a comprehensive change from being a mostly consumer-facing provider to offering enterprise-level solutions which could really change the game.
Clearly, a lot of strategic thinking has been done at Nium HQ about just where the cross border payments market is headed in the coming years.
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