Digital remittance company based in Singapore InstaRem has partnered with Thailand’s Kasikornbank, joined in on the initiative to strengthen the company’s influence in the institutional payments space.
The agreement would see the Singapore startup facilitates cross-border payments for the bank’s clients in select markets, as reported by FiNews Asia.
“With InstaRem, KBank clients will be able to have faster turnarounds, while providing certainty on delivery times and payout amounts,” said Prajit Nanu, co-founder, and CEO of InstaRem.
Kasikornbank is Thailand’s second-largest bank in the country in terms of total assets, which currently is at US$96.9 billion.
InstaRem announced the close of its US$41-million Series C funding round back in March. The company claimed that it has since been using the funding to support growth and expansion to new markets, including opening a regional headquarters in Latin America and expanding its teams in London and Seattle.
InstaRem already has a presence in 40+ countries in Asia-Pacific, North America, and Europe with its service that allows low-cost cross-border payments to 55+ countries.