Digital cross-border payments platform NIUM has landed an agreement with Brazillian foreign exchange broker Frente Corretora de Câmbio to power its cross-border payments.
The ‘significant’ move is part of the company’s plans for expansion into Latin America, following its rebrand from InstaReM.
Prajit Nanu, co-founder and CEO of NIUM, commented: “We are pleased to partner with Brazil’s Frente Corretora de Câmbio to power their cross-border money transfers.
“Brazil is an important market for NIUM, and with Frente partnership, we are looking to expand our presence in Latin America.
“With NIUM’s fast, secure and cost-efficient cross-border digital money transfer platform, customers of Frente will be able to realize quicker remittances, while being more confident about delivery times and payout amounts.”
NIUM will process outbound money transfers to the United States for Frente’s clients, initially serving retails customers.
Moving forward, the two expect to extend their services to other countries including Japan, Australia, and Canada soon as well as enable corporate and SME customers in the near future.
Ricardo Baraçal, partner of Frente, added: “This is a significant partnership for Frente, as we accelerate our pace of growth. Retail remittances is a growing market with overall outward remittances from Brazil having crossed US$ 2 billion.
“We are experiencing an increasing demand from our customers for cross-border payments services, especially to the countries like Japan, China, United States and in Europe, where NIUM has strong presence.
“We are confident that the NIUM’s capabilities will strengthen our remittance platform in serving our clients.”
