Thailand’s Kasikornbank has tapped remittance firm InstaReM to offer cross-border payments for its customers across select markets.
The names of the markets covered by the partnership were not disclosed.
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KASIKORNBANK senior executive vice president Silawat Santivisat said that the expansion of its cross-border payment capabilities is in response to rising demand from its clients.
InstaReM co-founder and CEO Prajit Nanu said: “We are delighted to be working together with KBank to power their outward remittances.
“This relationship further cements InstaReM’s position as a leading provider for cross-border transactions.
“With InstaReM, KBank clients will be able to realise faster turnarounds, while providing certainty on delivery times and payout amounts.”
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By GlobalDataInstaReM already has tie-ups with three of the top 10 banks in Southeast Asia.
It has reach in more than 40 countries across Asia-Pacific, North America and Europe.
The latest alliance is said to strengthen the remittance firm’s position in the institutional payments space.
This March, InstaReM secured an additional $20m investment as part of its Series C funding round.
The funding takes the total capital raised by InstaReM till date to $59.5m.
In the same month, InstaReM collaborated with First Data to offer enhanced digital payment capabilities.
Earlier this year, InstaReM joined forces with Visa to facilitate international money transfers.
