InstaReM’s CEO, Prajit Nanu, spoke to Ripple’s Asheesh Birla about advancing financial inclusion worldwide and how he plans to achieve it.

Ripple-backed InstaReM is a digital cross-border money transfer service provider that entered the European market in 2018. Headquartered in Singapore, InstaReM has customers spread across 35+ countries, and is at the forefront of fintech innovation in Southeast Asia.

Prajit Nanu spoke about the 7-8% fees on remittances worldwide and how it was higher in some Southeast Asian markets where the need for affordable money was the greatest. He added that financial inclusion can be improved by building an “ecosystem of companion products, including insurance, that can be used in tandem with remittances to improve financial stability.”

The Ripple Insight blog by Asheesh Birla said,

“… Prajit is focused on helping InstaReM customers by reducing the cost and enhancing the speed of its remittance services. By improving both, InstaReM is able to deliver greater impact while also expanding its market share.
For InstaReM, Ripple eliminates the need to prefund accounts in a number of countries, enabling real-time transactions at a fraction of the cost compared to the traditional methods.”

Prajit Nanu acknowledged that liquidity was a big factor when it came to remittances, stating that Ripple was helping InstaReM with it. Nanu also added that they had eliminated pre-funding by utilizing Ripple’s corridors in the Philippines and Mexico, allowing InstaReM to send any amount of money instantly without batching or increasing overall transaction volumes.

InstaReM started its journey as a money transfer service provider in Australia in 2015. According to the World Bank, InstaReM has been the most competitive remittance platform in several Asian corridors, such as Australia to India, Malaysia, the Philippines, and Vietnam through three consecutive quarters.

The post Ripple-backed InstaReM’s CEO talks about advancing financial inclusion by improving remittance methods appeared first on AMBCrypto.

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