RBI has given its approval to Singapore’s payments company InstaReM to provide overseas remittances services from India. InstaReM, a fintech start-up, plans to launch its outbound money transfer services from India by November in partnership with a bank, as per RBI’s governing conditions for the partnership. Remittances can be made for business, private visits, overseas education, medical treatment, etc, the firm said. InstaReM holds licenses to conduct money transfer business in Singapore, Hong Kong, US, Europe, Australia and Canada. Prajit Nanu, CEO and c-founder of the company said traditional ways of transferring money overseas are expensive due to high transfer charges along with hidden fees which are not known to the customers. InstaReM can offer transparent international money transfers at a fraction of costs compared to the traditional players, he added.
