NIUM, formerly InstaReM, launches in Indonesia


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 receives license from Indonesian authorities, and hires staff to lead the new project
  • Services for both B2B and B2C customers will be available
  • “Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow”, says CEO

The cross border payments platform NIUM, which until recently was known as InstaReM, has announced that it will launch a service in Indonesia.

NIUM has been given a Fund Transfers license from the Bank Indonesia, which means that it will be able to operate there from now onwards.

Technically, the name of the organisation which has received the license – PT InstaReM Mitra Indonesia – will be drawn from its pre-NIUM days.

However, the service will be cutting-edge.

It will be both a business to business and a business to consumer service and aims to permit the movement of money between organisations and enterprises.

More than 60 countries around the world will be included on the destinations list.

For firms, there are a wide range of extra services.

NIUM will offer the chance for firms to provide white-labelled, company-branded expense cards, while there will also be a commercial payments arm.

Business customers will also be able to use real-time receivables tracking for an additional element of speed and efficiency.

The firm has also hired some key employees to run the new offer.

Vado Munaan, who has formerly worked at well-known organisations including MasterCard, MoneyGram and more, will run the service.

In a statement, Prajit Nanu – who is the co-founder and CEO of NIUM – highlighted the fact that the firm had previously operated in Indonesia, but only as an inbound destination.

“We already serve Indonesia as an inbound market and are excited to launch our complete value proposition now with the new license that empowers us to conduct outbound transfers from Indonesia”, he said.

“With Indonesia’s enterprising population increasingly connecting with their global counterparts, we see immense potential for cross-border money movements in and out of Indonesia. One of the most promising markets in the Asia, Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow.

“We are confident that NIUM’s innovative payments solutions will enable individual and enterprise users in Indonesia to send, spend and collect money to and from any part of the world - while saving on high transaction costs that are associated with traditional methods”, he added.

For NIUM, this decision to expand its operations in Indonesia to include both outbound remittances as well as inbound ones makes a lot of sense.

Indonesia is a key market for remittances.

According to one study, the transaction value of remittances in Indonesia is almost $500m this year alone.

As a growing firm which has just undergone a key rebrand, NIUM will no doubt be looking to ensure it’s where the action is.

To learn more about how institutions like NIUM are driving forward innovation in this sector, head to our magazine pages.

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