Singapore-headquartered cross border payments company InstaReM today said it has received regulatory approval from the Reserve Bank of India (RBI) for facilitating overseas remittances from India.
The FinTech start-up company plans to start its outbound money transfer services from India by November in partnership with a leading authorised dealer - category I bank, as per RBI's governing conditions for the partnership.
InstaReM will be able to effect outbound remittances from India for transactions pertaining to business, private visits, overseas education, medical treatment, among others, it said in a statement.
It holds licenses to conduct money transfer business in Singapore, Hong Kong, US, Europe, Australia and Canada.
"Traditional ways of transferring money overseas are expensive due to high transfer charges along with hidden fees which are not known to the customers. We are able to offer transparent international money transfers at a fraction of costs compared to the traditional players. We are confident of capturing a substantial market for outbound money transfer from India," said InstaReM Chief Executive Officer and co-founder Prajit Nanu.
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