Commercial Payments International

Singapore based cross-border payments platform, Nium has announced the availability of real-time payments in Malaysia and with this, the company now processes over 75% of transactions globally in real-time.

It has also increased its total real-time payment markets to 100 countries. Citing data from GlobalData, it noted that Malaysia recorded 1.1 billion real-time payment transactions in 2021, and also forecasts real-time transactions in Malaysia to grow to 3.6 billion in 2026.

In company-related news, Nium and Finci announced a partnership for international payments and the company launched a virtual cards for business travel. Last week, its competitor Airwallex expanded its services in South Asia

The company has also secured an expanded licence in Malaysia, with this it would be able to onboard licensed corporations of all sizes to its platform which includes Financial Institutions and PSPs with higher outbound limits, up to MYR6,000,000 per day.

The central bank of Malaysia issues an International Remittance Hub (IRH) licence provides the company with in-market capabilities including Pay Out in more than 190 countries, with over 100 in real-time and payment settlement in local Malaysian currency.