Singapore-based Nium has expanded its geographical attain by securing two in-principle approvals for 2 cost licenses in India, the Pay as you go Fee Instrument (PPI) license and the Fee Aggregator (PA) license. Each licenses are issued by the nation’s central financial institution, the Reserve Financial institution of India.
Introduced right this moment (Monday), the 2 licenses will permit the corporate to supply a variety of payments-related providers and merchandise within the nation. The PPI license will permit the corporate to supply pre-paid playing cards, whereas the PA license will allow it to supply service provider onboarding and buying providers.
“Nium prides itself on making use of its experience in international funds to advancing funds ecosystems around the globe,” mentioned Anupam Pahuja, the Govt Vice President and Basic Supervisor of Asia Pacific, Center East, and Africa at Nium. “These licenses make Nium a one-stop-shop for all cost wants in India. For the tip buyer, Nium is making it seamless for Indians to buy the world.”
Growth Continues
Nium opened its Singapore headquarters final yr and expanded its bodily presence in San Francisco and Amsterdam. Launched in 2014, the corporate operates with 11 licenses globally and lately acquired two in-principal approvals. The corporate additionally acquired Wirecard Foreign exchange, a cost providers firm in India, in 2020 after Wirecard, the guardian German fintech large, fell.
In 2022, the funds firm generated $82 million in internet income, an annual improve of two.7 occasions, with an annual income run price of greater than $100 million.
The in-principal approvals of Nium got here when Paytm, a funds large in India, was dealing with huge regulatory backlash. The Indian central financial institution lately imposed huge restrictions on Paytm, which won’t be able to obtain deposits after February 29. Nevertheless, the customers of that platform would nonetheless be capable to withdraw and make the most of their proceeds in Paytm wallets.
Just lately, Paytm mentioned the corporate and its Chief Govt usually are not below any cash laundering probe. Nevertheless, the publicly-listed inventory worth of that firm touched its lowest degree right this moment after dropping 10 % when buying and selling was suspended.
Singapore-based Nium has expanded its geographical attain by securing two in-principle approvals for 2 cost licenses in India, the Pay as you go Fee Instrument (PPI) license and the Fee Aggregator (PA) license. Each licenses are issued by the nation’s central financial institution, the Reserve Financial institution of India.
Introduced right this moment (Monday), the 2 licenses will permit the corporate to supply a variety of payments-related providers and merchandise within the nation. The PPI license will permit the corporate to supply pre-paid playing cards, whereas the PA license will allow it to supply service provider onboarding and buying providers.
“Nium prides itself on making use of its experience in international funds to advancing funds ecosystems around the globe,” mentioned Anupam Pahuja, the Govt Vice President and Basic Supervisor of Asia Pacific, Center East, and Africa at Nium. “These licenses make Nium a one-stop-shop for all cost wants in India. For the tip buyer, Nium is making it seamless for Indians to buy the world.”
Growth Continues
Nium opened its Singapore headquarters final yr and expanded its bodily presence in San Francisco and Amsterdam. Launched in 2014, the corporate operates with 11 licenses globally and lately acquired two in-principal approvals. The corporate additionally acquired Wirecard Foreign exchange, a cost providers firm in India, in 2020 after Wirecard, the guardian German fintech large, fell.
In 2022, the funds firm generated $82 million in internet income, an annual improve of two.7 occasions, with an annual income run price of greater than $100 million.
The in-principal approvals of Nium got here when Paytm, a funds large in India, was dealing with huge regulatory backlash. The Indian central financial institution lately imposed huge restrictions on Paytm, which won’t be able to obtain deposits after February 29. Nevertheless, the customers of that platform would nonetheless be capable to withdraw and make the most of their proceeds in Paytm wallets.
Just lately, Paytm mentioned the corporate and its Chief Govt usually are not below any cash laundering probe. Nevertheless, the publicly-listed inventory worth of that firm touched its lowest degree right this moment after dropping 10 % when buying and selling was suspended.
