KUALA LUMPUR, Malaysia and SINGAPORE, Dec. 23, 2019 /PRNewswire/ -- Malaysian residents and expatriates in Malaysia who need to make regular payments overseas, can now look forward to a hassle-free onboarding experience with the electronic-Know Your Customer (e-KYC) feature implemented by InstaReM.
Traditionally, KYC checks have been performed in-person, a cumbersome and time-consuming process. Recognizing the challenges involved in complying with the laws for onboarding customers, Malaysia's financial regulator Bank Negara Malaysia (BNM) issued the e-KYC framework in 2017.
Having launched Malaysia operations in 2017, InstaReM, now powered by the recently-launched NIUM payments platform, is one of the first digital cross-border remittance fintech to implement the e-KYC process following the issuance of the e-KYC framework by the BNM.
Prajit Nanu, co-founder and CEO of InstaReM, said, "We are aware of customers' challenges while complying with the KYC norms in traditional methods. Thanks to BNM's forward-looking approach, implementation of e-KYC by InstaReM makes things easy for everyone. All that you need to do is log into your account and upload the required documents along with your photograph on our website – and you are all set to enjoy InstaReM's famed quick and cost-effective overseas money transfers to over 60+ destinations!"
Know-Your-Customer (KYC) is a critical process which all financial institutions need to implement for authenticating and validating customers' identity to assess their risk and is also a legal requirement to comply with Anti-Money Laundering, Combating the Financing of Terrorism laws. e-KYC takes the pain out of the customer onboarding process, making it easier and seamless.
With InstaReM's fully-digital e-KYC process, which takes just a few minutes to complete, users from any part of Malaysia can get KYC done from the comfort of their home or office.
- Singapore-headquartered InstaReM is a digital cross-border payments company with global presence across.
- InstaReM launched its operations in Malaysia in 2017.
- InstaReM is powered by recently-rebranded payments platform, NIUM
- The only digital cross-border payment company from Asia covering 40+ countries, InstaReM has created a unique payments mesh which is being leveraged by financial institutions, SMEs and individuals to make fast, low-cost cross-border payments to more than 55+ countries.
- Since starting operations, InstaReM has raised US$ 59.5 mn in three rounds of funding. Its earlier investors include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures and Beacon Venture Capital.
For more information, visit https://www.instarem.com/