The move greatly benefits Singaporean businesses - including SMEs - to make efficient payments and build stronger ties with their counterparts in China
SINGAPORE, Aug. 2, 2019 /PRNewswire/ -- Businesses in Singapore can now look forward to build stronger ties with their counterparts in China with faster payments for goods purchased and services availed. The payment facility, enabled by InstaReM, will make the trade between Singapore and China more vibrant with quicker realization of payments by the Chinese suppliers to Singapore.
China is a key constituent of the global trade today and businesses from most countries have been sourcing from China. Given its proximity and historical ties with China, Singapore maintains the leading position among the ASEAN countries in its trade with China. According to the World Trade Organization (WTO), at US$328 billion, Singapore was the world's 15th largest importer in 2017, with a bulk of its imports (US$42.6 billion) coming from China.
Despite high stakes, making payments to China has not been easy for Singaporean businesses. While B2C payments channels dominate the market, there remains a lag in the development of B2B payments solutions. Traditionally, the SME segment has been underserved and that has created the need for a platform catering specially to them, where they can make multiple payments to their stakeholders located in different parts of the world - quickly and efficiently.
Reiterating its commitment to the cause of SMEs, InstaReM has extended its "InstaReM for SMEs" cross-border payments service to the Singaporean businesses importing from China, making their cross-border payments as simple as the local payments. The move is expected to greatly benefit Singaporean businesses to build stronger connect with their counterparts in China.
Prajit Nanu, co-founder and CEO of InstaReM said, "With trade getting increasingly globalized, businesses need to make payments to multiple stakeholders - suppliers, staff, freelancers etc. - spread across different parts of the globe. Unfortunately, cross-border B2B payments have been challenging, especially for the SMEs, due to the legacy infrastructure that entails multiple touchpoints - each one increasing the overall costs and time taken. Delays in payments means opportunity cost for businesses. Leveraging its world-class digital money transfer platform, InstaReM is offering businesses in Singapore a quick and easy way to make payments into China."
Also, as a fintech Value-Added Services (VAS) partner of the National Trade Platform (NTP), Singapore's premier national trade information management platform, InstaReM is in ideal position to provide international payments-related services to the NTP members with business interests in China. As part of the NTP ecosystem, InstaReM fulfills trade community's need for alternative cost-effective cross-border payments beyond such services traditionally provided by banks.
Having started as a consumer-focused digital remittance service, InstaReM is rapidly expanding its services, targeting the underserved SME segment by addressing traditional international payments-related pain points for this vital segment. While reducing friction in cross-border B2B payments, InstaReM is also aiming to address one of the biggest pain points for SMEs growing overseas: collecting payments in multiple markets.
Singapore-headquartered InstaReM is the only digital cross-border payments company with presence across Asia-Pacific, North America and Europe, covering 40+ countries. It has created a unique payments mesh which is being leveraged by individuals, SMEs and financial institutions to make fast, low-cost cross-border payments to more than 60+ countries. InstaReM's mission is to democratize money movements across the globe by developing innovative products that provide individual and enterprise users with seamless digital payments experiences. The company has significantly enhanced its payments capabilities in the recent past by entering into strategic partnerships with global payments leaders such as Ripple, Visa and First Data. Since starting operations in 2015, InstaReM has raised US$65 million in funding. Its investors include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures, Beacon Venture Capital, Vertex Growth Fund and Atinum Investment.
For more information, visit https://www.instarem.com/
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