InstaReM, a Southeast Asia’s digital cross-border money transfer service provider, announced on Monday it has launched outbound money transfer operations from India. This is being done through InstaReM’s partnership with DCB Bank Limited, an Authorised Dealer Category-I Bank, as per the Reserve Bank of India (RBI)’s governing conditions.
InstaReM claims it is the first non-bank entity to offer outward remittance service from India. The company received its regulatory approvals from the Reserve Bank of India in September 2017 and over the past six months, it has built a robust technology platform to facilitate smoother payments and service the increased volumes it is expecting as a result of this expansion. Speaking about InstaReM’s operations launch in India, Prajit Nanu, CEO of the company, stated:
“People in India are increasingly engaging with their overseas counterparts for business, leisure, medical, education, entertainment-related activities, which involve transfer of money overseas. Traditional ways of transferring money via banks and money transfer operators from India have been expensive due to high transfer charges along with hidden fees that are not known to customers. They are also time-consuming and not transparent. InstaReM is addressing this challenge globally with an innovative approach. With our automated platform and deep relationships with banks worldwide, we are able to offer transparent international money transfers at a fraction of costs compared to the traditional players.”
Praveen Kutty, Head Retail & SME Banking, DCB Bank, and InstaReM’s associate for India-outbound remittance, also commented:
“We are pleased to launch remittance services with InstaReM. InstaReM is disrupting international money transfer business with its innovative digital platform and Zero-Margin FX Rate model. We are sure that the combination of DCB Bank’s expertise in forex market and InstaReM’s feature-rich digital platform will give customers across India great value and a superlative experience in money transfers from India.”
“With InstaReM’s unique Zero-Margin FX positioning, superior platform and exceptional customer service, we are confident of capturing a substantial market share of outbound money transfers from India.”
InstaReM launched its European operations from Vilnius, Lithuania, last month and reported it is on its way to expand into the U.S. soon.