Singapore startup launches feature for businesses users in Southeast Asia to make payments to multiple beneficiaries in multiple currencies at one go at zero-margin FX rates.
Following feedback from its small and medium enterprise (SME) users, InstaReM has enabled a feature that will allow users to make payments in multiple currencies at once, the Singapore-based remittance firm announced in a press release.
«In our interviews, we realised that there are many small and medium businesses that 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,» InstaReM co-founder Prajit Nanu said.
This feature is being rolled out for SME users in Singapore, Australia, Hong Kong, Malaysia, U.K., France, Germany, Italy, Netherlands and other regions of Europe, and the U.S.
Transfers in 24 Hours
To use the multi-currency feature, business users will only need to set up transfers to their beneficiaries in their local currency. InstaReM then effects the transfers at zero-margin FX rates and low transfer fees so it is received at their local bank accounts in the local currency. Transfers take less than 24 hours as there is no physical transfer of funds, the company said.
This moves comes ahead of the launch of its forex card in 2019, which will enable people to pay for products and services while traveling without the need for a credit card. InstaReM already has licenses in India, Singapore, Australia, Hong Kong, United States, Canada, Malaysia and Europe.
In November, the company announced that it had raised over US$20 million for the first close of its US$45-million Series C round, which is expected to end in January 2019. The company is gearing up for an initial public offering in 2021.
