The company got a license to work with Bank Indonesia
Nium is working as a fund transfer operator with the Bank Indonesia. The company enables remit and transfer of funds for its clients who want to send money into the country as we as outside of it. Nium is a Singaporean remittance company that revealed it got licensed from Bank Indonesia to transfer funds.
This will enable the company to transfer funds across the globe. The company is backed by Rocket Internet service which will help consumers from Indonesia to send funds to 60 different places across the globe. The process is automated and quick; users can make the payment in multicurrency and get the receipt in no time.
The services of the company are not individual customer exclusive but the enterprises and fin-tech companies also can make business-to-business commercial payments. Through the use of Nium platform companies can provide expense cards to employees, supplier card payments and customer cards.
The aim is to expand its payment services globally
Prajit Nanu, the Co-founder, and CEO of Nium said, “With Indonesia’s enterprising population increasingly connecting with their global counterparts, we see immense potential for cross-border money movements in and out of Indonesia.” Vydyo Munaan who has quite a bit of experience in financial services is going to head the operations in Indonesia.
Nium is a fairly new company launched in 2015 aims to make global payments easier. Since then the company has evolved and increased service base to carter to the needs of small and medium scale companies. The company has a network-based in and around 38 countries that are powered by portfolio licenses from financial regulators.
The company has decided to invest in the global payment business and seize opportunities in new consumer markets. Hence it pulled out of bid in Singapore for banking licensing. The company is looking forward to acquiring electronic money institution licenses. This will allow it to issue cards and stored-value facilities in Mexico and Brazil.