Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Money Simple. Instarem simplifies the way you send and receive money. Anytime, anywhere.

Money Simple. Instarem simplifies the way you send and receive money. Anytime, anywhere.

Money Simple. Instarem simplifies the way you send and receive money. Anytime, anywhere.

As a major international financial centre and one of the world’s freest economies, Hong Kong means business. Wherever there is business, there is money, and the flow of it. If there is any fintech development that can facilitate cross-border money transfers, Hong Kong is likely among the first to embrace the technology.

International money transfers are not only for businesses, but also for individuals who need to send remittances to family or friends. And over the past six years, Instarem
has become the digital platform of choice for both individuals and businesses needing efficient and cost-effective cross-border money transfer services.

Instarem enables individuals and SMEs to conveniently and securely send and receive international money transfers. On a mission to improve the cross-border payments experience for consumers in the Asia-Pacific region, its service was first launched in Australia in 2015, followed the next year by the two leading financial hubs, Singapore and Hong Kong. Today, Instarem reaches millions of end customers in a global network spanning over 100 markets, 65 in real-time.

Thanks to a precedence in bridging currency borders by making global money transfers quick, easy, and cost-effective, the Singapore-headquartered cross-border payments platform registered encouraging growth over recent years. Its consumer business, for example, has seen two-fold year-on-year revenue growth in 2020, whereas its SME business reported a three-fold rise during the same period. Overall, there was a 91 per cent increase in global remittances made through the platform in 2020.

Such a seamless digital payment service, with wide global reach, is essential in today’s uncertain environment. In fact, the digital payments industry more broadly has flourished due to the fact that the current pandemic has transformed the way people do business. More than ever, people are preferring safer, contactless digital payment options, blurring the concept of national borders. And let’s be honest, international money transfers are not always about huge sums. Increasingly, businesses need to transfer small denominations to vendors abroad, in ways that are time-sensitive, convenient and cheap.


While it is generally convenient to use digital platforms to transfer money internationally, it is essential to be sure that the service provider is authorised to operate in jurisdictions concerned. Hong Kong-based Ivy Lun, Head of North Asia at Instarem, explains: “The money transfer platform must be authorised to operate by relevant regulatory bodies and hold all the necessary licenses to carry out your transactions. This is especially important in the case of international transfers.”

Lun adds that digital payment platforms must comply with the highest security standards. “In the case of card payments, for example, the credit card processing must meet global security standards and be PCI-DSS compliant. It is important that the platform you choose to use mandates a client identification ‘Know Your Customer’ process, commonly known as ‘KYC’. A comprehensive onboarding and verification process is an indicator of a safe and responsible remittance platform.”

As a payments veteran with over 20 years in the industry, Lun also cites several key considerations to look out for when choosing a digital payments platform. These include the cost effectiveness of a remittance (i.e., charges and exchange rates); efficiency (i.e., whether the cross-border money transfer is smoothly processed, without making unnecessary stops en route); range of services offered; and ongoing customer service and support.

The rapidly developing platform has enjoyed a formidable journey thus far. It has secured investment from Singapore Government’s Investment arm, Temasek Holdings; Japan’s dynamic financial services group, SBI; Indonesia’s BRI; Telkom Indonesia’s VC arm, MDI; and Thailand’s Kasikorn Bank. The platform has also received support from the EU-listed global backer of internet businesses, GFC; leading Korean VC fund Atinum Investment; Chinese VC fund GSR Ventures; Visa; and US-based fintech company Ripple.

Even after multiple rounds of backings from some of the most coveted investors and organisations in the world, Instarem’s one simple aim remains the same: to Make Money Simple. With this in mind, Instarem is continuously enhancing customers’ access to an expanding range of digital payment services.

Today, Instarem processes over US$4 billion annually, serving more than 130 million end customers.

Not only has Instarem’s reach grown across continents, it has also been authorised to introduce various services in different markets. For example, in Instarem’s first market, Australia, the company is authorised to provide a wide range of financial services to its clients, including a custodial or depository service, and traditional trustee company services.

Meanwhile, in Europe, through its Electronic Money Institution License (1), Instaerm is authorised to issue electronic money as a digital equivalent of cash, stored on a financial platform or on electronic devices. Conversely, in India, customers can remit up to US$25,000 to more than 30 countries and regions, including Hong Kong, after the ease of a simple e-KYC verification process.

These ever-expanding services mean added convenience for customers around the world. Soon, clients in Hong Kong, Malaysia and Japan will also be able to apply for Visa-branded debit and credit cards, thus joining their counterparts in Australia and Singapore where these services have been appreciated by customers.

Instarem never stops evolving. In the coming months, in line with the platform’s ambition to expand its consumer and SME offerings, new payment corridors will be opened from Hong Kong into Poland, providing local consumers and SMEs more options for managing their international money transfers.

In addition, a new Instarem app in Singapore was launched earlier this year. This will be followed by the app’s planned introduction in other markets across the region. The future of Instarem is anticipated to become an ‘all-in-one’ app that makes managing daily transactions more straightforward and seamless than ever. Customers will be empowered to manage their money at their fingertips – anytime, anywhere.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×