Cross-border payments provider InstaReM is rolling out its digital money transfer services in Canada, the company said in a press release.
By launching in Canada, the Singapore-based startup is strengthening its North American presence. InstaReM currently holds regulatory licenses in eight markets across 40 countries, reaching 3.2 billion people in developed and developing countries.
In Canada, the company is registered as a money service business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to send and transfer funds. InstaReM users in Canada will be able to send money to over 60 countries, with “zero-margin and low-fee” transfers.
“At InstaReM we’re committed to giving people the platform to use their money their way and after launching successful operations in some of the high-traffic corridors in the Asia-Pacific, European Union and the United States, we are thrilled to arrive in Canada,” InstaReM Co-Founder and CEO Prajit Nanu said in the release.
“Our innovative payments solutions enable individual and enterprise users to send, spend and collect money to and from any part of the world — while saving on high transaction costs that are associated with traditional cross-border money movements,” he added.
The large expat population in Canada makes it a front-runner in global remittance-sending. Some $24.6 billion was transferred out of Canada in 2017 in remittances with China ($4.14 billion), India ($2.88 billion), Italy ($1.07 billion) and others, according to the World Bank.
Statistics Canada indicates Canadian transfer was around 6 percent of the amount sent. InstaReM charges 0.50 to 1 percent of the amount sent.
InstaReM started preparing in August to apply for one of five (two retail, three wholesale) digital banking licenses that the city-state of Singapore announced it would be issuing. InstaReM is the first to officially announce throwing its hat into the ring, though it has been speculated that Singapore Telecommunications Ltd., Grab and Razer may be likely to follow since the Monetary Authority of Singapore (MAS) announced the licenses.