Docklands, March 22: During a recent briefing to South Asia-focused media and community leaders, Vinoth Manoharan, Country Manager of InstaReM said that the “South Asian & Indian corridor is very exciting for InstaReM, and we strive to deliver the best-quality experience to our Indian and other South Asian customers.
“Our focus on customer experience and convenience has resulted in a strong 24 per cent volume growth in the Australia-to-South Asia corridor, led by Australia-India traffic last year.”
One of Southeast-Asia’s leading digital cross-border payments companies, InstaReM now has a growing presence in Australia with focus on customer experience and convenience being a an integral part of the firm’s growth and success in the Australia-to-South Asia and Indian corridor.
At the briefing session in Docklands, InstaReM laid out the firm’s focus on understanding and delivering on the unique needs of the South Asian and Indian diaspora in Australia through unique positioning of five core benefits:
- Zero-Margins on Foreign Exchange rates
- Low Transaction Fees
- Absolute Transparency in Costs
- Speed of Settlement
Mr Manoharan revealed that the convenience factor is an important part of InstaReM in-built measures, after feedback from their target audience.
“We have heard their message loud and clear”.
Singapore based InstaReM, which started its operations with Australia-India corridor in 2015; enables consumers, businesses and banks to make international money transfers at a low cost.
The company’s growth in Australia echoes a global trend of accelerated remittance growth, especially into the South Asian region where it topped 13.5 percent last year.
Dwelling on InstaReM as a customer-friendly platform, Mr Manoharan spoke about his father’s experience and the ease of transferring money even for the elderlies.
“My father regularly remits money back home to South Asia and used to be hesitant about transferring money online. After experiencing great convenience in his first digital transaction with InstaReM, the notion of taking time to visit a physical branch or an agent does not make sense to him anymore!”
“His situation is not unique – many of the South Asian diaspora living, working, and studying in Australia need to conveniently send and receive money and we know how important it is to make the process as smooth as possible,” continued Mr Manoharan.
India is the second largest global remittance market for Australia, with AUD$2.74 billion transferred from Australia to India in 2017. World Bank statistics show migrants in Australia sent close to AUD$23.816 billion overseas in 2017.
A Finder.com.au study found 12 per cent of people in Australia provide financial assistance for relatives overseas and 32 per cent have sent money abroad at least once; around half of those as a gift and just over one third to support relatives.