InstaReM is a digital cross-border money transfer service provider, that entered the European market on June 18th. The company began its initial setup in Australia in the year 2015. Following that, its chief operations started in Singapore, and further extended to Hong Kong, and the rest of Southeast Asia. On June 18th, InstaReM launched in UK with London as its Headquarter.
The company operates on Ripple’s technology for its instant, low-cost, cross-border money transfers.
How blockchain has aided remittance:
Fintech companies also require cooperation from banks to verify and complete the transaction on both ends. Since, blockchain brings decentralization in the equation, it basically means that elimination of banks from the process is possible, leading to lower costs.
As most of our current financial systems run on a centralized infrastructure, it is hard to eliminate the risk of hacking. In a decentralized process, the data cannot be tampered with and the blockchain ledger keeps the authenticity in check. Therefore, the user-base of such companies gets more security and control.
Another feature of this advanced technology is that the transactions are “instant”. Regular cross-border transactions can take several days, while blockchain-backed transfers complete the task in a few seconds.
Prajit Nanu, at the time of InstaReM’s partnership announcement with Ripple, had said:
“The connectivity that Ripple’s innovative blockchain network provides will allow us to offer our customers – including corporates and small businesses – quick, hassle-free payments into BeeTech’s markets.”
According to the World Bank, InstaReM has been the most competitive remittance platform in several Asian corridors, such as Australia to India, Malaysia, the Philippines, and Vietnam through three consecutive quarters. It has also shown much dominance from Singapore to Bangladesh, India, Indonesia, Malaysia, Philippines, and Sri Lanka. It expects a similar success rate in the European corridors as well.
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