Singapore cross-border payments startup InstaReM now allows quicker realisation of payments by Chinese suppliers to Singapore through its facility, greatly benefiting Singaporean businesses.
In a statement, InstaReM said it is reiterating its commitment to the cause of SMEs by extending its “InstaReM for SMEs” cross-border payments service to the Singaporean business importing from China.
The service makes cross-border payments as simple as the local payments, the startup said. The move is expected to greatly benefit Singaporean businesses to build stronger connection with their counterparts in China.
Making payments to China has not been easy for Singaporean businesses. While B2C payments channels dominate the market, there remains a lag in the development of B2B payments solutions.
Traditionally, the SME segment has been underserved and that has created the need for a platform catering especially to them, where they can make multiple payments to their stakeholders located in different parts of the world – quickly and efficiently.
“With trade getting increasingly globalized, businesses need to make payments to multiple stakeholders – suppliers, staff, freelancers etc. – spread across different parts of the globe. Unfortunately, cross-border B2B payments have been challenging, especially for the SMEs, due to the legacy infrastructure that entails multiple touchpoints – each one increasing the overall costs and time taken,” according to InstaReM co-founder and CEO Prajit Nanu.
Founded in 2015, is regulated in the US, the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, and processes billions of dollars a year for banks, payments institutions and retail users across the world.
Since starting operations, InstaReM has raised US$65 million in funding. Its investors include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, Beacon Venture Capital, Vertex Growth Fund, and Atinum Investment.
InstaReM is seeking to apply for a virtual banking license in Singapore.