Nium Secures Broader Licence Capabilities in Malaysia

https://thefintechtimes.com/nium-secures-broader-licence-capabilities-in-malaysia/
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Singapore-based fintech Nium rolls out real-time payments in Malaysia and announces broader local licence capabilities.

Nium has expanded the availability of real-time payments into Malaysia, increasing its total real-time payment markets to a ‘market-leading’ 100 countries. With the addition of Malaysia, Nium now processes more than 75 per cent of transactions globally in real-time.

According to GlobalData, a real-time transactions in Malaysia are forecast to grow to 3.6 billion in 2026. In comparison, Malaysia recorded 1.1 billion real-time payment transactions in 2021.

Pratik Gandhi, COO and co-founder at Nium, said: “More countries are turning to Nium to bring their legacy systems into the modern age. We enable money to move around the world – instantly, easily, and securely – while helping businesses position themselves for more opportunities in the digital future.”

Broader licence capabilities 

Nium has also announced it has secured an expanded license in Malaysia. It is now able to onboard licenced corporations of all sizes to its platform – including financial institutions and PSPs – with higher outbound limits, up to MYR6,000,000 per day, and the ability to control end user pricing.

The International Remittance Hub’ (IRH) licence is issued by the central bank of Malaysia, Bank Negara Malaysia (BNM), and it provides Nium with in-market capabilities including Pay Out in more than 190 countries, with over 100 in real-time, as well as technology and compliance cost savings for businesses, and settlement in local currency (MYR).

Collaboration with HLF

In a separate announcment, Nium has unveiled a collaboation with Hong Leong Finance (HLF) to launch HLF FASTPAY, a multi-currency e-wallet app that comes with a virtual Visa Prepaid Card.

HLF FASTPAY provides a cross-border digital payment solution for SMEs, corporates and consumers to manage and transfer funds in multiple currencies.

Ang Tang Chor, president of Hong Leong Finance said: “Cashless transactions have become an integral part of our daily lives and the demand for digital payment solutions has increased. By joining forces with a fintech partner, we can create customised solutions more efficiently so customers enjoy new and expanded financial services with safe and secure payment options.

“Global business trades for our SME clients are increasing and international travelling is becoming the norm again. We recognise that our customers are looking for safe and cost-efficient cross- border payment methods and a secure prepaid card to use for their travel overseas. HLF FASTPAY is the ideal solution for them.”

https://thefintechtimes.com/nium-secures-broader-licence-capabilities-in-malaysia/