Cross-border payments company InstaReM is expanding its InstaReM for SMEs solution into Singapore, targeting cross-border trade and B2B payments between Singapore and China.
In a press release late last week, InstaReM said Singaporean small and medium-sized businesses (SMBs) that import from China will be able to pay their cross-border vendors via InstaReM, which aims to elevate their business payments experience with faster transaction speeds.
Pointing to World Trade Organization data, InstaReM said Singapore is a key partner to China, with Singapore exporting $42.6 billion worth of exports from the country.
"With trade getting increasingly globalized, businesses need to make payments to multiple stakeholders — suppliers, staff, freelancers etc. — spread across different parts of the globe," said InstaReM Co-Founder and CEO Prajit Nanu in a statement. "Unfortunately, cross-border B2B payments has 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," he continued. "Leveraging its world class digital money transfer platform, InstaReM is offering businesses in Singapore a quick and easy way to make payments into China."
InstaReM noted that it is a member of Singapore trade information management platform the National Trade Platform, which will enable the company to provide its cross-border B2B payments services to other National Trade Platform members that trade with China.
InstaReM has traditionally focused on consumer cross-border transactions, with its turn to B2B payments reflective of the market's opportunities and gaps.
Earlier this year InstaRem announced plans to secure a digital banking license in Singapore, describing the initiative as a "natural extension" for the company's existing offerings in the country, where it is based. In March the company announced $41 million in new funding. At the time, the company said it planned to deploy that funding to focus on expansion in Latin America and further throughout Asia.