NIUM, the recently-rebranded (formerly, InstaReM) digital cross-border payments platform for consumers, enterprises and financial institutions, will now power cross-border payments for Frente Corretora de Câmbio, a leading foreign exchange broker in Brazil – known for its personalized and high-quality experience in financial and exchange advice. This is a significant move for Singapore-headquartered NIUM in its expansion plans into the Latin America.
Announcing the partnership, Prajit Nanu, co-founder and CEO of NIUM said, “We are pleased to partner with Brazil’s Frente Corretora de Câmbio to power their cross-border money transfers. Brazil is an important market for NIUM, and with Frente partnership, we are looking to expand our presence in Latin America. With NIUM’s fast, secure and cost-efficient cross-border digital money transfer platform, customers of Frente will be able to realize quicker remittances, while being more confident about delivery times and payout amounts.”
To start with, NIUM will conduct outbound money transfers to the United States for Frente’s clients and will extend its services to other countries including Japan, Australia, and Canada soon. Initially, the NIUM-Frente partnership will serve retail customers, and the service will be extended to the corporate and SME customers in the near future.
Mr Ricardo Baraçal, Partner of Frente said, “This is a significant partnership for Frente, as we accelerate our pace of growth. Retail remittances is a growing market with overall outward remittancecs from Brazil having crossed US$ 2 billion. We are experiencing an increasing demand from our customers for cross-border payments services, especially to the countries like Japan, China, United States and in Europe, where NIUM has strong presence. We are confident that the NIUM’s capabilities will strengthen our remittance platform in serving our clients.” Founded in 2017, the 2-year old Frente already ranks 20th biggest currency brokerage in Brazil and aims to reach the fifth place by the end of 2020. Frente offers its currency exchange via correspondents and has a 250-strong network of exchange correspondents. Frente offers remittances service on Ripple-powered Simple, which is not only its own remittance service, but also a white label platform for its partners, who can use their contacts to grow their business. Frente’s Simple platform gives them the agility, fair price and safety. With growing interest in the Simple platform, Frente has been closing deals with large players in Brazil.
About NIUM
NIUM (formerly known as InstaReM) was founded in 2015 with a mission to improve the cross-border payments experience for consumers in the APAC region. While continuing to be an expert in consumer remittances, InstaReM expanded and scaled its offerings to meet the needs of SMEs, Financial Institutions, Enterprises and other payment service providers. Its network is powered by a portfolio of licenses, hard-earned by building trust with financial regulators in over 38 countries. NIUM’s platform – a digital collective of financial institutions, fintechs, eCommerce platforms, travel companies and online markets – offers a wide range of payments services grouped into three categories: Send, Spend and Receive. As a company, NIUM is continuously innovating and pushing boundaries. NIUM aspires to become enabler, creator of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money. For more information, visit https://www.nium.com/.
About Frente
Frente Corretora de Câmbio is an exchange broker based in Brazil. Founded in 2017 Frente Corretora has a business model based on the sale of exchange via correspondents. We offer a personalized and high-quality experience in financial and exchange advisory. We combine the best of both worlds: The brokerage experience with the Fintech DNA.
Today, more than 250 exchange correspondents (of which 80% are autonomous agents) are plugged into the brokerage house. Frente is already one of the 20th largest currency brokerage in the country, according to data from the Central Bank. The goal is to reach fifth place by the end of 2020.
Besides a great and growing network of partners, Frente is also pioneer in innovation and technology, having its own remittance platform, called SIMPLE.
SIMPLE is the Frente Corretora de Câmbio platform that enables the purchase of paper money and small international remittances (up to $ 3,000). The platform works with a white-label concept, providing a customized exchange ecommerce channel to its partners, with full turnkey operational support. With the platform, Frente’s correspondents focus their efforts on the promotion and sale of currency, keeping remittance processing and delivery of paper money under Frente’s responsibility. Frente Corretora is headquartered in São Paulo, Brazil with 11 more offices in the country and a representative office in Miami, USA.
