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Ripple-backed InstaReM, the cross-border payments company, has been making headlines consistently. Just a couple of months back, its CEO Prajit Nanu had announced plans of advancing financial inclusion by improving remittance methods. InstaReM had also recently closed a Series C funding round which raised $41 million, which saw support from the likes of Beacon Venture Capital and Vertex ventures. Now, the remittance provider is joining hands with the Thailand-based Kasikornbank (KBank), to provide cross-border payments to clients of KBank.
The development, first reported by FintechNews, was welcomed by many in the community. CEO Prajit Nanu commented on the collaboration, stating,
“We are delighted to be working together with KBank to power their outward remittances. This relationship further cements InstaReM’s position as a leading provider for cross–border transactions. With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts.”
The report added that InstaReM already provides remittance services to Southeast Asia’s top three banks and financial institutions. Ripple has been helping out InstaReM to overcome hurdles in transactions such as liquidity and eliminating the pre-funding factor. This has enabled speedy transactions without increasing the overall transaction volume. As InstaReM expands its services, Ripple might benefit from the overall growth of RippleNet.
This partnership was confirmed by XRP Research Center in a tweet,
May 23, 2019.@InstaReMit, a digital cross–border money transfer company (#RippleNet member), has announced that it will now power cross–border payments for the clients of KASIKORNBANK (KBank), one of Thailand’s leading banking group.
https://t.co/vV6ewm7tqb— XRP Research Center (@XrpCenter) May 23, 2019
InstaReM is a Singapore-based cross-border payments provider and its services cover more than 35 countries across the world. The remittance provider is quite well established in most Asian countries such as India, Malaysia, Philippines, Vietnam and Australia.