Global payment company plans to expand its services in
Latin America with the latest license application in Brazil. This month, the
company applied for a Payment Institution License in Brazil, seeking to offer
localized payment services and enhance its real-time payment capabilities
through Pix.

Licensing and Partnerships

Additionally, the company is seeking FX authorization
to boost its foreign exchange services, according to a statement released
(today). These licenses are expected to boost client confidence in Nium’s risk
management and compliance standards, ensuring secure transactions.

Speaking about the expansion strategy, Prajit Nanu,
the Founder and CEO of Nium, said: “Latin America is a key player in
global marketplaces, especially in connections with Asia and Europe. “Our investments and expansions in the region reflect our commitment
to its dynamic growth.”

Nium’s recent partnerships include a notable
collaboration with BS2, a Brazilian digital bank. BS2 will utilize Nium’s
Global FX product to streamline FX costs and enable real-time payouts between
Brazil and major trading partners like China and the UAE.

This partnership also integrates BS2 into Nium’s
network as a Brazilian Real (BRL) Correspondent Bank, facilitating real-time
Pix payments. Since its entry into the region in 2017, Nium has secured clients
such as Ouribank and Treviso.

The company’s expanded partnership with Ebury also
offers a new global remittance service in Brazil, designed to deliver fast and
affordable cross-border payments.

Joining Industry Associations

Nium has also joined ABRACAM, the Brazilian Exchange
Association, which will provide access to regulatory insights and industry
resources. This membership aligns with Nium’s goal of contributing to Brazil’s
financial ecosystem and influencing policy development.

Latin America’s cross-border payment market is
experiencing robust growth. A McKinsey report highlights double-digit growth in
transactions between 2021 and 2022. The Central Bank of Brazil’s Pix system has seen
remarkable adoption. It processed R$11.8 trillion in transactions in the first
half of 2024 alone, with record transaction days.

Recently, Nium named Spencer Hanlon its Chief Operating Officer. Hanlon is responsible for expanding the
company’s operations globally. His experience includes leadership roles at
British Airways and AirPlus International. Hanlon succeeded Pratik Gandhi.

Elsewhere, Nium announced a new collaboration with Artajasa, one of Indonesia’s premier payment infrastructure companies, this
year. The agreement seeks to boost cross-border transactions between Indonesia
and the rest of the world, enabling real-time transfers.

This article was written by Jared Kirui at www.financemagnates.com.

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