- Nium, formerly known as InstaReM, will work alongside Costa Rican firm Teledolar to offer products to Teledolar’s customers in the country.
- Several new countries are featured on a boosted list of remittance destinations – meaning that the range of locations available to Costa Rican remittance consumers is larger.
- A Nium spokesperson described the new move as a positive step.
Cross-border payments firm Nium has revealed a new plan for its work in Latin America.
The firm, which is based in Singapore and which was formerly known as InstaReM, said that it intended to work alongside Teledolar in Costa Rica.
The new partnership will see Nium offer its services to other businesses in an attempt to boost the efficiency of their digital remittance services while also ensuring that end users enjoy more customer-friendly financial transactions.
Teledolar is a financial technology, or fintech, firm that already has a significant presence in the country.
Once the new arrangement is up and running, Teledolar users can use Nium’s services to send remittances on an instant or near-instant basis.
There will also be a new list of supported remittance-receiving countries for Teledolar customers to choose from.
Major economies such as the UK and the US feature on this list, and a number of European countries are also on there.
According to Rohit Bammi, who serves as global head of institutional sales at Nium, the firm sees its goal as boosting “business efficiency” by making the most of cutting-edge technology.
“Nium’s mission is to improve business efficiency through the introduction and facilitation of financial technology, and today’s announcement of our partnership with Teledolar is a testament to that,” he said.
He also sang the praises of his firm’s new partner organisation – saying that it already had a strong track record when it came to remittances.
“Teledolar has been instrumental in creating a fintech platform for consumers, SMBs, banks and financial institutions in Costa Rica to move funds overseas in a more convenient manner, and we are excited to work with them to deliver a better, more convenient and faster remittance experience for their customers,” he explained.
In its press material covering this partnership, Nium shared information about the new arrangements and it also wrote at length about the regulatory landscape in Latin America.
The firm pointed out that many regulators in the Latin America region are now choosing to tackle the established power of banks and other financial services institutions in order to increase the popularity of making fintech-based payments.
Nium is certainly not the only firm making waves in the modern online money transfer industry – to hear about what other companies in this space are doing, just visit our magazine section.
