Singapore-headquartered payment platform Nium, formerly known as InstaRem, has launched remittance operations in Indonesia after obtaining the fund transfer license from the Central Bank of Indonesia.
The licensed entity, InstaReM Mitra Indonesia, which is registered as a fund transfer operator with the Bank Indonesia to remit and transmit funds in and out of the country, will operate under the brand name Nium.
By utilizing the platform, users will be able to digitally move money from Indonesia to over sixty destinations globally, according to the company’s official statement.
The platform will also enable businesses to make B2B commercial payments, issue their own-branded employee expense cards, supplier card payments and customer cards. Users can also automate and expedite receipts of multi-currency payments from different parts of the world, with account real-time receivable tracking.
Nium has been eyeing expansion to Indonesia since 2018, after it raised USD 20 million funding in its Series C round led by Indonesia’s MDI Ventures. The company says that Indonesia is an important market as many locals work overseas or send their children to study abroad, and many international companies have businesses in the country, which translates to a high demand for cross-border fund transfers.
In order to grow its business quickly in Indonesia, the company will actively work with different stakeholders, like small and medium enterprises (SMEs), financial institutions, and enterprises. The firm is currently in the process of onboarding a couple of Indonesian banks, for whom Nium will outbound payments on its global payments infrastructure, a Nium’s spokesperson told KrASIA.
The firm has appointed Vadyo Munaan to lead the Indonesian operations. Munaan worked as regional director of Indonesia and Singapore at Nasdaq-listed American firm MoneyGram International. He also served as executive director of Central Bank of Indonesia, from 2014 to 2016.
As Indonesia’s country manager, Munaan will focus on building the company’s retail and B2B business in the country. He will also work closely with regulators to ensure Nium’s operations abide by Indonesia’s legal, policy and regulatory framework, the company said.
“Nium’s global presence adds extensive payments network to the country’s cross-border payments infrastructure. We are delighted to introduce to Indonesia a full suite of Nium products and services offering, which is coming at the perfect time to meet the changing needs of the market,” said Munaan in a press statement.