DigitalCFO Newsroom | 20 May 2022
Expanded license in Malaysia allows Nium to onboard licensed financial institutions and other Payment Service Providers (PSPs) for payouts, while offering higher outbound transaction limits.
Nium processes over 75% of transactions globally in real-time to a market-leading 100 countries
Nium, the global platform for modern money movement, today announced the availability of real-time payments into Malaysia, further strengthening the company’s real-time payments capabilities across the globe. With the addition of Malaysia, Nium now processes over 75% of transactions globally in real-time, and increases its total real-time payment markets to a market-leading 100 countries.
According to GlobalData, Malaysia recorded 1.1 billion real-time payment transactions in 2021, accounting for an estimated $US434 million cost savings for businesses and consumers. The report also forecasts real-time transactions in Malaysia to grow to 3.6 billion in 2026.
“More countries are turning to Nium to bring their legacy systems into the modern age,” said Pratik Gandhi, COO and co-founder at Nium. “We enable money to move around the world – instantly, easily, and securely – while helping businesses position themselves for more opportunities in the digital future.”
With real-time payments in Malaysia and other emerging markets around the world expected to surge in the coming years, Nium is uniquely positioned to help global businesses drive faster payments, better manage liquidity, satisfy their customers, and ultimately grow their business faster across the globe.
Nium Secures Broader License Capabilities in Malaysia
Nium has also announced it has secured an expanded license in Malaysia. Nium is now able to onboard licensed 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) license 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).