NIUM back in the news over Brazilian partnership

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • NIUM, which was formerly known as InstaReM, will partner with Frente Corretora de Câmbio
  • Move aims to help Frente Corretora de Câmbio’s customers receive payments more quickly – although only retail clients will be able to use the service at first
  • “Customers of Frente will be able to realize quicker remittances, while being more confident about delivery times”, says NIUM’s CEO

Singapore-based cross border payments company NIUM has announced that it will partner with a Brazilian forex broker.

It will work alongside Frente Corretora de Câmbio, an organisation which provides forex services to clients in the country.

NIUM, which until recently was known as InstaReM, announced the move as part of its plans to build the business internationally.

As part of the new collaboration, NIUM will begin offering Frente Corretora de Câmbio’s clients the opportunity to send remittances to the US.

Later, it is expected to begin offering services to other nations such as Canada and Japan.

At the moment, only personal or retail clients of Frente Corretora de Câmbio are able to access NIUM’s services – although there are plans in the works for business to business clients to gain access to the NIUM service through the broker in the future.

According to Prajit Nanu, who is co-founder and CEO of NIUM, Frente Corretora de Câmbio’s clients will benefit immensely from “quicker remittances” and more.

“With NIUM’s fast, secure and cost-efficient cross-border digital money transfer platform, customers of Frente will be able to realize quicker remittances, while being more confident about delivery times and payout amounts”, he said.

For Frente Corretora de Câmbio, partner Ricardo Baraçal described the move as “significant”.

“This is a significant partnership for Frente, as we accelerate our pace of growth”, he said.

“Retail remittances is a growing market with overall outward remittances from Brazil having crossed US$2 billion. We are experiencing increasing demand from our customers for cross border payments services, especially to the countries like Japan, China, United States and in Europe, where NIUM has strong presence.

“We are confident that the NIUM’s capabilities will strengthen our remittance platform in serving our clients”, he added.

Despite being one of South America’s largest economies and having a reputation as one of the world’s most emerging markets, Brazil is not quite as prolific in the payments media as a remittances destination – at least not when compared to the likes of India.

However, it’s a big destination when it comes to international money transfer.

As Ricardo Baraçal points out, outbound payments from the country in this market are already at more than $2bn.

As a result, it’s not surprising that Prajit Nanu and his team at NIUM have chosen to break into this market – and it may well cause competitors of the recently re-branded NIUM to follow suit.

If you’d like to make sure you don’t miss a beat in the cross border payments news world, check out our magazine pages today.


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