Thursday, 2 December 2021

Payments corridor from Hong Kong to China

5 min read

Hong KongInstarem, leading digital cross border payments and neo-financial business, today announced that consumers and SMEs in Hong Kong can now send money to China in renminbi (RMB), and can do so on an upgraded and enhanced version of the Instarem app. 

With the new currency introduced, users have the ability of sending money in either Hong Kong Dollar (HKD) or US Dollar (USD) to China, where recipients will receive this in renminbi (RMB). This is a highly awaited corridor, especially amongst small to medium businesses. When it comes to SMEs transacting, they will be able to do so for a range of purposes which include ‘declared goods trading’, ‘travel & freight expense payments’ and ‘service & consulting fees’. Businesses can also reach out to Instarem if they have a reason to transfer that lies outside of these areas and Instarem will make allowances on a case-by-case basis.  

“Sending and receiving money should be simple. Both the introduction of RMB as a currency and the roll out of our new app are steps in this direction. We soft launched introducing RMB into the app a few months ago and saw an immediate 13X spike in transactions. We expect this to scale tremendously moving forward. Overall, we have seen a 30X spike in the number of transfers being made from Hong Kong since January this year and we want users to experience a seamless app interface. The new app is designed to ensure a smooth and intuitive journey and we believe that this revamp will give users in Hong Kong the opportunity to do more with their money in an easy and cost-effective way,” said Ivy Lun, VP & Country Head, Hong Kong at Instarem.

The upgraded Instarem app was first rolled out to users in Singapore and subsequently to users in Australia earlier this year. Since the rollout, Instarem’s app store ranking has jumped by 81% and play store ranking by 66%. 

Aside from a vibrant new look and better navigation, the all-new Instarem app will give users in Hong Kong access to intuitive functions like Quick Send and Quick Access. Quick Send lets users send money to their ‘favourite’ beneficiaries in just 2 clicks and Quick Access gives them instant visibility over a dashboard featuring their recent transfers. The app will also feature a Message Centre, showcasing the latest news and promotions from Instarem. In addition, users can also look forward to toggling between dark and light modes!  

In the months to come, Instarem will also roll out more exciting products into the Hong Kong market, including a smart card that will make payments seamless and a new SME platform that will enhance and streamline the experience for businesses.  

This announcement follows the unveiling of Instarem’s new brand image earlier this year, in line with the company’s aim to go beyond just enhancing consumer remittances globally, to move towards being the change-driver for the complexities around global payments. Since the launch of Instarem in 2015, the platform has been leveraging the latest technology to help its customers send, spend, and receive money across borders quicker and at a more competitive price point than its competitors. 

To use the new Instarem app, existing users can update their app via the Google PlayStore (for Android users) or on App Store (for iOS users). New users will enjoy a faster sign-up process, with the easy registration upgrades to the app. 

Re-disseminated by The Asian Banker from

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