At a press conference during the company’s launch, InstaReM chief business officer Pratik Gandhi said, “InstaReM hopes to collaborate closely with consumers and financial institutions to offer the best product solutions to its customers in Malaysia and across the world.”
He also added that InstaReM intends to increase the adoption rate of technological innovations across businesses and consumers alike.
Founded in 2014, InstaReM is licensed as a Money Services Business in seven countries spanning four continents. It serves approximately 35,000 customers and processes over 500,000 transactions at an average value of US$1,400 (RM5,800) per transaction.
InstaReM’s services reach over three billion people, allowing money to be remitted to over 60 different countries. InstaReM is known for its transparency and high transaction speed.
InstaReM is also recognised by the World Bank as the most competitive remittance platform in multiple Asian corridors, with coverage from Australia to four Asian countries, as well as from Singapore to six other Asian countries.
In recognition of its achievements, InstaReM was awarded the MAS FinTech Award and the FinTech Rising Star 2017 Award from the Monetary Authority of Singapore, earlier this year.