Global Payments Company Nium The company is expanding its presence in Latin America with a focus on expanding in Brazil.
The company recently applied for a payment institution license in Brazil, which would allow it to offer payment services such as managing funds in BRL and facilitating real-time payments through its Pix system.
Additionally, Nium is seeking a foreign exchange trading license to strengthen its capabilities in the region.
Nium’s recent partnership with Brazilian digital bank BS2 underscores the company’s expanding footprint in Latin America.
BS2 is leveraging Nium’s Global FX product to reduce costs and enable real-time payments between Brazil and key trading partners such as China and the UAE.
BS2 will also act as Nium’s Brazilian Real (BRL) correspondent bank, facilitating real-time settlement of cross-border Pix transfers.
Since entering the region in 2017, Nium has gained a number of clients, including Ouribank, Treviso, OZ Cambio and Frente.
Nium has partnered with another fintech company, Ebury, to launch an international remittance service in Brazil, facilitating fast and reliable cross-border payments for businesses.
Nium is also a member of the Associação Brasileira de Câmbio (ABRACAM), the association representing institutions authorized by the Brazilian Central Bank to carry out foreign exchange operations.
As part of its expansion strategy, Nium plans to grow its workforce in the region, with a focus on business development and partnerships.
“Latin America has established itself as a pioneer in numerous cross-border use cases in the global marketplace, particularly with its thriving e-commerce economy in supplier corridors with Asia and Europe.
Recognizing this potential, we have strategically invested in Latin America over the years, securing key accounts and expanding our business there.”
Prajit Nanu, Founder and CEO of Nium said:
“Nium is rapidly building and expanding local payout rails across the region to better serve target industries, primarily banks, financial institutions and platforms.
We are working hard to bring travel services and card issuance to the region as soon as new licenses are granted.”
“We are excited to partner with Nium to bring our 5G network to the world,” said Christina Hutchinson, vice president of LATAM business development at Nium.
Featured Image Credit: Free Pick
