“InstaReM”, well-known Singapore-based financial technology (FinTech) company, is entering the European market via Lithuania. The regulator Bank of Lithuania issued an Electronic Money Institution (EMI) license to “InstaReM”, which is already operating in more than 50 countries around the world. “InstaReM” is a new-age enterprise that is disrupting of the current process of expensive and inefficient remittances, providing near-live FX rates, low transaction fees and speed to the tech-savvy consumers of today. The operating license in Europe is one of the planned moves of “InstaReM”’s rapid international expansion.
The Electronic Money Institution license issued by the Bank of Lithuania will enable “InstaReM” to offer an online cross-border money transfer platform that will allow users in the European Economic Area to use the services anytime and anywhere. During the licensing process, “InstaReM” had been advised by the Vilnius, Singapore, Luxembourg and German offices of ECOVIS – a global consulting firm operating in more than 65 countries, making this project truly international.
Inga Karulaitytė-Kvainauskienė, Attorney-at-Law ECOVIS ProventusLaw, said, “The arrival of “InstaReM” is a great example of collaborative efforts between state authorities and private consultants, which will definitely bring multiple benefits to all stakeholders. The favourable legal and business environment created by modern and flexible regulation is of potential interest for many investors from different countries. And the international ECOVIS network is aiming to introduce the advantages of Lithuania to FinTech companies from all over the world.”
“The arrival of “InstaReM” is a great example of collaborative efforts between state authorities and private consultants, which will definitely bring multiple benefits to all stakeholders”, – says Inga Karulaitytė-Kvainauskienė, Attorney-at-Law ECOVIS ProventusLaw.
The arrival of “InstaReM” means good news for Lithuanian consumers. With growing competition in the payment services market, consumers will receive cheaper and more diverse services. According to InstaReM’s co-founder and CEO Prajit Nanu, the company is providing a hassle-free, digital cross-border money transfer platform. It will allow Lithuanian residents and Europeans within the EU to enjoy the service anytime, anywhere via mobile or web. The head of the company reveals that they have more plans for Lithuania in the future. “In early 2018, we are planning to apply for a Specialised Bank license, which would allow us to provide additional financial services to the Lithuanian and EU consumers,” – says Mr. Nanu.
According to InstaReM’s co-founder and CEO Prajit Nanu, the company is providing a hassle-free, digital cross-border money transfer platform.
Attorney-at-law of ECOVIS ProventusLaw Ms. I. Karulaitytė-Kvainauskiene says that Lithuania is one of the most attractive jurisdictions for financial institutions in Europe, and the growing number of licenses issued by the Bank of Lithuania in the recent past is the evidence of this trend. Concurring with Ms. Inga’s view, Mr. Nanu of “InstaReM” adds, “Lithuanian authorities have created a FinTech-friendly regulatory environment that offers companies direct access to SEPA via Lithuania’s central bank. The combination of Lithuania’s cost-competitiveness and qualified talent pool made “InstaReM” to select Lithuania for its setup in Europe.
InstaReM is a Singapore-headquartered cross-border payments company. Founded in 2014, InstaReM is licensed as a Money Services Business (MSB) in Singapore, Hong Kong, Australia and Canada. It powers local payments to more than 50 countries across the globe. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments.