Instarem teams with Ripple for Southeast Asia payouts
Singapore-based digital payment provider Instarem has partnered with Ripple to offer payouts for its RippleNet members in Southeast Asia.
RippleNet is its enterprise blockchain network of banks and other financial institutions which provides real-time messaging, clearing and settlement of transactions.
The new partnership will allow RippleNet to offer its corporate and SME customers “hassle-free” payouts to a number of destinations in the region.
Patrick Griffin, head of business development at Ripple, says: “Whether it’s a teacher in Singapore sending money to his family in Thailand, or a small business owner in Malaysia trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for customers, not against them.”
Instarem was founded in 2014 and is licensed as a money services business (MSB) in Singapore, Hong Kong, Australia, US, Lithuania, Canada, India and Malaysia.
According to the firm, it powers local payments to more than 60 countries and 3.2 billion people across the globe.
