Global fintech platform Nium announced today the expansion of new remittance corridors for customers of KasikornBank (KBank) through its K PLUS app. The new routes add onto the existing 24 rails currently in developed markets and will include emerging markets in Asia Pacific.
Announcement on the expansion of remittance routes comes after a year of successful partnership with KBank that saw Nium processing over THB 4 billion worth of remittance volume from developed markets corridors. The new routes will see additions of remittance corridors from markets in Asia Pacific including Indonesia, Korea, Malaysia, the Philippines, and Vietnam.
The expansion of digital remittance corridors is part of KBank’s efforts to ramp up their digital cross-border payments offerings to their customers, especially when social distancing measures becomes the new normal. The new routes will be supported by Nium’s real-time payment capabilities, allowing KBank customers access to instant money transfer services when conducting payments in these markets. Real-time payments are also available to KBank customers who are remitting funds to 30 countries across Europe and Asia Pacific.
“We are happy to announce the expansion of new remittance routes for customers of KBank as it looks to scale its cross-border payments services. Nium looks to create a fintech infrastructure that can help banks and financial institutions launch and scale innovative digital financial services without the complexity, time and cost previously required to do so, and this continued partnership with KBank to launch more remittance routes overseas with our real-time payments capabilities is a testament of that. We look forward to further working closely with KBank to provide an even better payments experience to their customers,” said Rohit Bammi, Global Head of Institutional Business, Nium.
Silawat Santivisat, Senior Executive Vice President, KBank, further elaborated that the international funds transfer service via K PLUS is a response to the ‘New Normal’ lifestyle amid the prevailing COVID-19 pandemic. “While social distancing is still required, transactions via mobile applications are the perfect option as people can conduct their transactions at home or anywhere else, anytime, without having to head to the nearest bank branch. Apart from the convenient, rapid, simple and secure features, as well as inexpensive fees, recipients get the full amount of funds with no documents required. Funds transfer can be made in 12 currencies to 30 countries worldwide.”
Nium currently operates its Send, Spend and Receive business in over 90 countries, 65 in real-time, and in 63 currencies.