Global payment company plans to expand its services in Latin America with the latest license application in Brazil. This month, the company applied for a Payment Institution License in Brazil, seeking to offer localized payment services and enhance its real-time payment capabilities through Pix.
Licensing and Partnerships
Additionally, the company is seeking FX authorization to boost its foreign exchange services, according to a statement released (today). These licenses are expected to boost client confidence in Nium's risk management and compliance standards, ensuring secure transactions.
Speaking about the expansion strategy, Prajit Nanu, the Founder and CEO of Nium, said: "Latin America is a key player in global marketplaces, especially in connections with Asia and Europe. "Our investments and expansions in the region reflect our commitment to its dynamic growth."
Nium's recent partnerships include a notable collaboration with BS2, a Brazilian digital bank. BS2 will utilize Nium's Global FX product to streamline FX costs and enable real-time payouts between Brazil and major trading partners like China and the UAE.
This partnership also integrates BS2 into Nium's network as a Brazilian Real (BRL) Correspondent Bank, facilitating real-time Pix payments. Since its entry into the region in 2017, Nium has secured clients such as Ouribank and Treviso.
The company's expanded partnership with Ebury also offers a new global remittance service in Brazil, designed to deliver fast and affordable cross-border payments.
Joining Industry Associations
Nium has also joined ABRACAM, the Brazilian Exchange Association, which will provide access to regulatory insights and industry resources. This membership aligns with Nium's goal of contributing to Brazil's financial ecosystem and influencing policy development.
Latin America's cross-border payment market is experiencing robust growth. A McKinsey report highlights double-digit growth in transactions between 2021 and 2022. The Central Bank of Brazil's Pix system has seen remarkable adoption. It processed R$11.8 trillion in transactions in the first half of 2024 alone, with record transaction days.
Recently, Nium named Spencer Hanlon its Chief Operating Officer. Hanlon is responsible for expanding the company's operations globally. His experience includes leadership roles at British Airways and AirPlus International. Hanlon succeeded Pratik Gandhi.
Elsewhere, Nium announced a new collaboration with Artajasa, one of Indonesia's premier payment infrastructure companies, this year. The agreement seeks to boost cross-border transactions between Indonesia and the rest of the world, enabling real-time transfers.
