Nium Expands Operations in Latin America to Accelerate Global Real-Time Payments in the Region
Date – 13-Aug-2024
The expansion will focus on acquiring new customers, pursuing license applications, and forming strategic partnerships in the region.
Nium, a global leader in real-time cross-border payments, is significantly enhancing its presence in Latin America through strategic initiatives, including the pursuit of key licenses, active participation in fintech associations, and expanding its workforce and customer base. This expansion underscores Nium’s commitment to revolutionizing the global payments landscape in this vital region.
In a recent move, Nium applied for a Payment Institution License in Brazil, which will allow the company to offer comprehensive payment services, including local fund management in BRL and real-time payments via Pix. Additionally, Nium is seeking FX authorization in Brazil to strengthen its foreign exchange transaction capabilities. These licenses are set to reinforce client confidence in Nium’s robust risk and compliance processes, ensuring secure and efficient transactions.
“Latin America has become a leader in various cross-border payment scenarios, especially within global marketplaces where its e-commerce economy thrives in trade corridors with Asia and Europe,” said Prajit Nanu, Founder and CEO of Nium. “Recognizing this potential, we have strategically invested in Latin America for years, securing key clients and expanding our operations. This ongoing growth enables us to further enhance the region’s vibrant and dynamic landscape.”
Nium continues to expand its customer and partner network in Latin America. The company recently partnered with BS2, a digital bank in Brazil specializing in fintech solutions for businesses. BS2 utilizes Nium’s Global FX product to reduce FX costs and facilitate real-time payouts between Brazil and major trading corridors like China and the UAE. Additionally, BS2 has joined Nium’s network of partner banks, serving as Nium’s Brazilian Real (BRL) Correspondent Bank to assist in real-time payment settlements for cross-border Pix transfers.
Nium’s presence in the region dates back to 2017, with recent customer acquisitions including Ouribank, Treviso, OZ Cambio, and Frente. Nium also expanded its partnership with Ebury, a leading fintech company specializing in SME transactions, to launch an innovative global remittance service in Brazil. This collaboration allows businesses to send and receive fast, reliable, and cost-effective cross-border payments to and from Brazil.
Furthermore, Nium has joined ABRACAM (Associação Brasileira de Câmbio – Brazilian Exchange Association), representing institutions authorized by the Central Bank of Brazil (BCB) to conduct foreign exchange operations. This membership reflects Nium’s commitment to contributing to the Brazilian financial and cross-border market, offering benefits such as regulatory advocacy, knowledge sharing, and enhanced market credibility. Nium now has access to industry insights, exclusive resources, and collaboration opportunities with key stakeholders, allowing the company to influence policies and foster a supportive ecosystem for banking in Brazil.
“We’ve made significant progress this year in expanding our footprint in LATAM,” said Christina Hutchinson, VP of Business Development LATAM at Nium. “Nium is rapidly building and scaling local payout rails across the entire region to better serve our target verticals, which include banks, financial institutions, and platforms. We’re also preparing to introduce our travel offerings and card issuance capabilities to the region once our new licenses are in place. Brazil, in particular, has the potential to be a global leader in digital payment innovation, and our advancements in cross-border payment solutions are making a meaningful impact on millions of lives worldwide.”
Nium also plans to increase its physical presence in the region by hiring strategic roles in business development and partnerships.
