Nium Announces Real-time Payments, Expanded License, in Malaysia

Nium can now process real-time payments in Malaysia, the digital payments startup announced in a news release Thursday (May 19).

With this addition, the company said, Nium now processes more than 75% of transactions globally in real time, and makes payments to 100 countries.

Malaysia recorded 1.1 billion real-time payment transactions last year, saving businesses and consumers roughly $434 million, Nium said in the announcement, citing GlobalData figures. By 2026, real-time transactions in Malaysia are projected to grow to 3.6 billion.

See also: Nium Plans $400M European Expansion

“More countries are turning to Nium to bring their legacy systems into the modern age,” Nium COO and Co-founder Pratik Gandhi said in the release. “We enable money to move around the world — instantly, easily, and securely — while helping businesses position themselves for more opportunities in the digital future.”

Meanwhile, Nium says it has secured an expanded license in Malaysia, which lets the company onboard licensed corporations of all sizes to its platform — including financial institutions and payment service providers (PSPs) — with higher outbound limits, up to MYR 6,000,000 per day, and the ability to control end-user pricing.

The “International Remittance Hub” (IRH) license is issued by Bank Negara Malaysia, the country’s central bank, and gives Nium in-market capabilities in more than 190 countries, with over 100 in real time, the release said.

Last month, Nium Co-founder and CEO Prajit Nanu said his company was in discussions to make a $400 million acquisition to help it expand across Europe.

“Europe is a very big business for us,” Nanu said in an interview with CNBC, adding that the company was looking to purchase an enterprise-focused payments operation that is worth “between $20 million to $400 million.”

Learn more: Nium Signs Deal to Buy Alternative Payments Platform Socash

Also in April, Nium signed a deal to acquire alternative payments network platform Socash for an undisclosed amount.

The deal gives Nium the opportunity to accept cash for digital transactions and allows for the payment acceptance of numerous types of currencies, especially in emerging markets.

Gandhi said at the time that with Socash, users will save 30% in commissions versus the previous cost of in-app payments.