Singaporean payments firm InstaRem has signed a memorandum of understanding (MoU) with Australia’s Goldfields Money to provide digital banking services for migrants and overseas-based SMEs operating in Australia.
Under the agreement, the two entities will develop and market cross-border banking applications for both SMEs and consumer banking segment. The new services are anticipated to go live early in 2018.
Commenting on the partnership, InstaReM co-founder and CEO Prajit Nanu said: “Our proposition with Goldfields Money will enable SMEs to seamlessly trade across markets and expand beyond their home markets without really worrying about basic banking services.”
Goldfields Money CEO Simon Lyons added: “Together with InstaRem, we have identified a real gap in the market for businesses and visa holders. We will develop services and products that vastly improve banking services for both groups.
“We are excited to be working with InstaRem whose key values are aligned with our focus on customer service, integrity, transparency, team work and innovation.”