Nium and Bano collaborate on student-focused payments scheme


Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • Nium, a major cross-border payments platform, has announced a new collaboration with Australian financial technology business Bano.
  • The two firms will focus on the international student market in Australia, as well as on the country’s young ‘digital natives’.
  • “We look forward to working together in our shared mission of bringing fast and light payment experiences to more people across Australia,” said a spokesperson for Nium.

Nium, a leading provider of international money transfers, has confirmed a new relationship with Australia-based financial technology company Bano.

The firm said that it will work with Bano as part of a new scheme aimed at students and young people.

Nium will help power Bano’s expanded suite of digital payment services, which are largely used by international students studying in Australia, as well as the country’s ‘digital natives’, which refers to people who grew up immersed in technology.

The move will see Nium’s financial services offered in the Bano app, which offers both payment and investing resources.

The Bano app provides users with multi-currency accounts, international share trading, and e-wallets.

The move comes against a backdrop of recent significant investment in the Australian international student sector.

For example, the country’s federal government recently revealed plans to help bolster the international student industry in the country – which is believed to be worth around US$40bn – following the coronavirus pandemic.

In a statement, the chief revenue officer at Nium said that the company was pleased to be helping Bano during its time of growth.

Frederick Crosby explained that the two companies were on the same page when it comes to financial services for their target users.

“We are delighted to support Bano as they rapidly scale their digital payment offerings across the country,” he said.

“Like Bano, we understand how important it is for young people to have access to seamless financial services – particularly international students.”

He concluded by saying that the two companies shared a goal of improving access to “fast and light payment experiences to more people across Australia”.

Bano’s chief operating officer Paul Reynolds said that Nium was the ideal company to pair up with.

“Nium is the perfect partner for Bano, as we see them as an innovative and scalable fintech platform,” he said.

“With Nium’s help, we can deliver an extensive range of financial services through a single app, providing our young customers with the best digital payment experience they demand and deserve.”

Reynolds went on to say that the company is “excited to continue this partnership and introduce further payment innovations for our customers into the future”.

If you’re on the hunt for more information about what the global cross-border payments sector can offer you, just visit our reviews section.

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