International platform for modern money movement, Nium announced the expansion of real-time payment services in Malaysia today. With the addition of the Southeast Asian country, the company now processes more than 75% of global transactions in real-time.
Malaysia, one of the fastest-growing economies in Asia, witnessed a boom in financial transactions last year. According to GlobalData, the country saw 1.1 billion real-time payment transfers within the last year. For businesses and consumers, real-time payment transactions saved an estimated cost of $434 million in 2021.
By 2026, real-time transactions in Malaysia are set to cross the level of 3.6 billion.
“More countries are turning to Nium to bring their legacy systems into the modern age,” said Pratik Gandhi, the 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.”
Earlier this year, Nium signed a definitive agreement to buy Socash, an alternative payments network platform based in Singapore.
License Capabilities
In addition to the expansion of its services in the Malaysian region, Nium announced that it has secured an enhanced license in Malaysia that will allow the company to increase its reach in the region.
“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 MYR 6,000,000 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),” the company added.
