Singaporean cross-border payments firm InstaReM has added the new multi-currency feature to its remittance platform, which will enable SMEs to make payments in multiple currencies at once.

In order to avail the functionality, businesses are required to set up transfers to multiple recipients in their native currency.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The money transfer process is completed within a day at Zero-Margin FX rates.

The feature is available in Singapore, Australia, Hong Kong, Malaysia, UK, France, Germany, Italy, Netherlands and US, among others.

The addition of the new functionality is said to have been triggered by the result of a focus group study. The study engaged InstaReM’s business clients along with non-clients.

InstaReM co-founder and CEO Prajit Nanu said:  “In our interviews, we realised that there are many Small and Medium Businesses who need to make not one, not two, but many multiple payments to their suppliers, staff, freelancers and other stakeholders located in different parts of the world. Setting up only one transaction at a time was not efficient.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“At InstaReM, we understand that business banking is notoriously expensive and difficult to set up and manage, especially for small businesses. Therefore, we’ve added this new feature to take out the pain of this process, while saving a lot of time and effort for businesses.”

Last month, InstaReM secured over $20m in a Series C funding round led by MDI Ventures and Beacon Venture Capital fund. The payments firm plans to expand the Series C to $45m by January 2019.

Moreover, the company intends to issue a forex card next year. The product will be designed to enable customers travelling overseas convert their local currencies on the fly and make payments abroad.