- Cross border payments platform, NIUM partners with leading foreign exchange broker Frente Corretora de Câmbio.
- NIUM looking to expand into the Latin American market says CEO Prajit Nanu.
- Frente aims to satisfy its customers by improving cross border payments to US, Japan, Europe, etc. with NIUM.
NIUM, formerly known as InstaReM, was established in 2015 with an aim to improve cross border payments by making them fast, secure and cost-efficient.
Headquartered in Singapore, NIUM has made it possible for retail consumers, Small and Medium Enterprises (SMEs), financial institutions and other payment service providers to easily send and receive money across borders using their innovative technology.
It currently serves businesses in over 40 markets and possesses regulatory licenses including in the European Union, Japan, Indonesia and Hong Kong. They also raised $41 million this year making them one of the best funded fintech startups in South-East Asia.
NIUM recently revealed its partnership with leading Brazilian foreign exchange broker Frente Corretora de Câmbio. The deal is a massive advantage to Frente’s customer base as they will now be able to realise remittances much faster without any hassles concerning payout amounts and delivery times. This partnership also significantly benefits NIUM in expanding their presence in the Latin American market.
NIUM currently provides for outbound money transfers to the United States to Frente’s clients but will eventually expand into countries like Japan, Australia and Canada. The platform will initially extend its services to retailers but is planning on expanding to corporates and Small and Medium Enterprises in the foreseeable future.
CEO and Co-founder of NIUM, Prajit Nanu emphasised on how crucial it is for them to expand into the Brazilian and eventually Latin American market while announcing the partnership. Frente is also enthusiastic about entering the growing outward remittances market with overall outward remittances from Brazil crossing US $2 billion.
To quote Mr. Ricardo Baraçal, Partner of Frente, “We are experiencing an increasing demand from our customers for cross-border payments services, especially to the countries like Japan, China, United States and in Europe, where Nium has strong presence. We are confident that the Nium’s capabilities will strengthen our remittance platform in serving our clients.”
Frente is the 20th largest currency brokerage in Brazil and was only established two years ago, in 2015. Their vision is to become one of the top 5 foreign exchange brokers by 2020. They conduct exchanges via correspondents and already have a 250 strong network of exchange correspondents.
Frente uses Ripple powered Simple to provide remittances which also acts as a white label platform for their partners who can use their contacts to expand their businesses. This platform provides their customers with safety and stability at a good price.