InstaReM, a cross-border payments company, will offer free electronic-Know Your Customer (e-KYC) to residents of Malaysia.
Prior to this new service, onboarding was a time-consuming, manual process. Malaysia’s financial regulator Bank Negara Malaysia (BNM) released new laws supporting e-KYC to help ease these burdens.
The new digital e-KYC process of InstaReM will onboard consumers to within minutes from the comfort of their homes.
InstaReM has been operating in Malaysia since 2017, providing residents with a cross-border remittance service. Users can send money to over 55 countries across Asia, Europe, Oceania and North America.
Prajit Nanu, co-founder and CEO of InstaReM, said, “We are aware of customers’ challenges while complying with the KYC norms in traditional methods. Thanks to BNM’s forward-looking approach, implementation of e-KYC by InstaReM makes things easy for everyone.
“All that you need to do is log into your account and upload the required documents along with your photograph on our website – and you are all set to enjoy InstaReM’s famed quick and cost-effective overseas money transfers to over 60+ destinations!”
The payments company collected $45m in its Series C round last year following contributions from MDI Venture Capital and Beacon Venture Capital. Existing backers Vertex Ventures, GSR Ventures, Rocket Internet and SBI-FMO Fund. The capital was raised to support the growth in Asian markets.
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