InstaReM, a Singapore-based money transfer firm, has started operations in Europe with its front of house business in London.
In Europe, the company aims to establish itself as the “price champion”, replicating its strategy in Southeast Asia.
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InstaReM aims to leverage its Southeast Asian market dominance to gain speed and cost advantage over its European peers, for remittances to markets in Asia from Europe. According to the company, over a third of all cross-border transfers in the UK go to these markets.
InstaReM co-founder and CEO Prajit Nanu said: “We want Europeans consumers to get what they want when they transfer money across borders: speed and the lowest possible rates. This is what we’ve delivered in Southeast Asia, and this is what we’ll bring to Europe by bottoming out the market on behalf of consumers.”
InstaReM, founded in 2014, currently facilitates remittances to 3.2 billion people in over 60 countries. The company has partnerships with more than 8000 banks worldwide.
The company supports remittances from Australia to India, Malaysia, the Philippines and Vietnam and from Singapore to Bangladesh, India, Indonesia, Malaysia, Philippines, and Sri Lanka. It charges an average transaction fee of 0.35%.
