Bye bye Instarem, Hello Open Money

I founded Instarem in 2015 in Singapore with a mission to improve the cross-border payments experience for consumers in the APAC region. Fast forward 2019 we have metamorphized to a Global Financial Infrastructure regulated in 40 countries serving over 500,000 consumers and SME’s, some of the largest banks and marketplaces in the world across various payments products.

When a friend of mine coined the name Instarem, it stood for Instant Remittance which was the DNA of the firm but now it doesn’t resonate to what we do so we have decided to change the name of the firm which we will publicly announce on 27th October at Money 20/20 Vegas.

As part of re-branding we have productized the organization in three categories: Send, Spend and Receive:

Send - real-time cross-border payments, local ACH payments, sending funds to a Visa card, remittance as a plug-in  

Spend - BIN sponsorship, B2B commercial payments, employee expense cards, virtual supplier card payments.   

Receive - Collection via virtual accounts and cards, split payments, invoice collection, personal fund collection, marketplace/website payments, automated receivables tracking and master merchant solutions.

As we look to the future, our strategy is to move beyond merely creating services on our proprietary platform. We aspire to become enablers; creators of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money.