Southeast Asia’s leading virtual cross-border currency transfer service provider InstaReM, has now launched in Europe with its main operation being headquartered in London.
The European market approach by InstaReM is aimed to ‘bottom out’ the market and name itself as “price champion”, just as it achieved a similar accolade following the companies launch in Southeast Asia in 2014.
InstaReM predict that the dominance they have in the Southeast Asian market will give them a leg up as well as a cost advantage over the competition in European, for transfers from Europe to the Asian markets. The company has predicted that the transfers to these markets make up for over a third of all UK cross-border transfers, the company has a powerful lead on its competitors here as well.
InstaReM was ranked by the World Bank for three consecutive quarters, as the most competitive remittance platform in a number of Asian corridors which induces, Singapore to Bangladesh, India, Philippines, Malaysia, Sri Lanka and Indonesia as well as Australia to India, Malaysia, the Philippines and Vietnam. The company is expecting to achieve the same amount of recognition in European corridors in the period of launch.
Being able to transfer currency to more than 3 billion people across 60 countries worldwide, InstaReM also enjoys a partner network of over 8000 banks across the globe. The amazing growth of InstaReM (by providing the best value to customers and a global reach and commitment), has been achieved in a mere three years which was carried out on less than $20 million in capital. Now, InstaReM plan to obtain profit and thus obtain IPO in under three years. The reason that InstaReM has such a big lead on the competition is due to the fact that InstaReM charge a general transaction fee of 0.35% as opposed to the normal fee plus marginal FX spread that InstaReMs competitors charge.
The Co-founder and CEO of InstaReM, Prajit Nanu, announced the launch and said this:
“We want European consumers to get what they want when they transfer money across borders: speed and the lowest possible rates. This is what we’ve delivered in Southeast Asia, and this is what we’ll bring to Europe by bottoming out the market on behalf of consumers. No one can compete with our presence in the markets that our customers want to transfer money too.”