In a strategic move aimed at empowering Malaysian businesses, Instarem, a part of the Nium Fintech Payments Unicorn, is strengthening its collaboration with local enterprises. Tailoring their business solutions exclusively for Malaysian SMEs, Instarem is enabling these businesses to overcome common challenges such as financial constraints and the high cost of operations.
At the heart of Malaysia’s dynamic economy, the 1.15 million SMEs play a pivotal role in driving innovation, generating employment, and fostering economic growth. However, 67.4% of Malaysian SMEs express concerns about insufficient cash flow, while 51.3% identify the high cost of doing business as a significant obstacle to growth.
Instarem, with its established track record of serving Malaysian SMEs since 2017, offers a dedicated solution to help these businesses enhance resilience and unlock their growth potential in the fiercely competitive global market.
Rising inflation has substantially impacted operational costs, underscoring the critical importance of effective cash flow management for businesses. Instarem demonstrates its innovative approach by allowing Malaysian SMEs to leverage their existing credit.
Through the Instarem platform, local businesses can utilise their Malaysian Visa or Mastercard for transactions, granting them a valuable 55-day interest-free credit period. This strategic initiative bridges the gap between constrained cash flow and the potential for expansive business growth.
Facilitating Global Expansion
Instarem’s simplified cross-border payment solutions serve as a catalyst, empowering Malaysian businesses to explore uncharted opportunities beyond their borders. The platform facilitates payments to over 160 global markets, including the upcoming addition of the Saudi Riyal (SAR) currency.
This strategic inclusion opens doors to the lucrative Halal market, valued at US $2.6 trillion, providing Malaysian SMEs with unprecedented opportunities to conduct transactions in the Middle East and thrive globally. Businesses can also receive payments in eight currencies, allowing for instant conversions without the hassle of setting up local bank accounts in different countries, thereby making cross-border trade highly accessible and efficient.
Instarem has introduced advancements in cross-border transaction technology, including the capacity to process batch payments. This functionality enables businesses to disburse funds to as many as 1,000 recipients simultaneously, with a daily limit of RM10 million. Streamlining the payment process, this feature significantly reduces manual effort, proving particularly beneficial for businesses engaged in international operations or managing intra-company transfers.
Yogesh Sangle, head of Instarem, said, “Over the last six years, Instarem has been on a mission to simplify financial solutions for Malaysian small businesses. Our unwavering commitment aligns seamlessly with Malaysia’s vision for fostering economic growth and expanding on the global stage.
“Through the relaunch of our business payments platform, we are taking a significant leap toward transforming these ambitions into tangible success stories for our Malaysian SME partners.”
