InstaReM, a digital payments company based in Singapore, has been renamed as Nium as it moves to become a global enterprise payments platform.

InstaReM will be powered by the Nium platform and will continue to offer digital remittance services.

The Nium platform seeks to provide an ‘Open Money’ space to the businesses.

The platform will enable the business participants to develop their own products to facilitate global payments. They can use the platform to send, spend and receive money globally.

The Nium partner organisations can also become a member of its ‘The Open Money Network’, which will include various stakeholders in the industry.

Additionally, the businesses can use Nium to purchase its off-the-shelf products, and develop custom integrations for their enterprise tech stack.

Nium co-founder and CEO Prajit Nanu said: “As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform.

“We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe. To express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to Nium.

“We aspire to become enablers; creators of an open platform that businesses and partners use to build a world free of old constraints and restrictions — a true world of Open Money.”

Earlier this year, InstaReM raised an additional $20m, as part of its Series C funding round.