On February 1, FINCI, a fintech firm based in Lithuania, announced a partnership with Nium, a global payments and cards issuance leader. Based on the collaboration, FINCI will assist in leveraging Nium’s competitive FX rates and extensive pay-out network in strategic markets across the EMEA and APAC regions. The partnership will enable real-time payments to new markets and enhance services to existing regions for FINCI’s individual and business customers.
FINCI aims to offer various important technologies and services together in one environment to improve the financial lives of its clients. Therefore, through collaboration with Nium, FINCI intends to expand its service offerings to Latin America, Asia and Africa. The firm wants to assist businesses in industries such as construction, trading, aircraft management, shipping, logistics and IT to accomplish a cheaper, faster and more efficient payment ecosystem.
Mihails Kuznecovs, the Chief Executive Officer at FINCI, commented: “Our partnership with Nium is all about making it easier for FINCI customers to move money around the world. Whether that’s simply an individual sending money to family overseas; or, a business that needs to make or receive payments in local currencies quickly easily and cost-effectively, Nium provides us with advanced technology, global reach and frictionless service. That’s good news for our business and even better news for our customers.”
“Empowering young businesses with global reach and helping them build their footprint internationally is our main goal at Nium. Addressing and overcoming the constraints of local payments infrastructures is a real need for companies, such as FINCI. This partnership will give FINCI customers access to more markets, allowing them to make payments in real-time at competitive FX rates, with no hidden fees or additional transactional costs,” Frederick Crosby, the Chief Revenue Officer at Nium, added:
How Institutions Are Embracing Fintech to Evolve
The partnership between FINCI and Nium happens at a time when the use of new technology is increasingly evolving to offer innovative financial products to both business and retail customers. Currently, fintech companies have found themselves competing directly with traditional banking services to make financial transactions quicker, easier and more cost effective. Since the last banking crisis, financial regulators, like the UK’s Financial Conduct Authority (FCA), have been exploring ways of increasing competition within the financial services sector. Their aim is to minimize the monopoly enjoyed by the established banks and to provide a broader choice to consumers.
One area that fintech companies have provided benefits in is the international payments and foreign exchange markets. These have long been huge profitable business lines for the banks. But, nowadays, specialist FX brokers offer trading services that help to significantly reduce costs. By cutting out the middlemen and making use of innovative technologies to process orders, brokers provide their clients with much better prices.
