InstaReM enhances customers’ onboarding experience in Malaysia with e-KYC

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Malaysian residents and expatriates residing in Malaysia who need to make regular payments overseas can now look forward to a hassle-free onboarding experience with the electronic-Know Your Customer (e-KYC) feature implemented by InstaReM recently. InstaReM’s e-KYC not only makes the onboarding process easy and quick for customers, but it also makes it cost-effective for the company.

Traditionally, KYC checks have been performed in-person, which is a cumbersome and time-consuming process for customers as well as financial institutions. Recognizing the challenges and costs involved in complying with the applicable laws for onboarding customers, Malaysia’s financial regulator and the central bank the Bank Negara Malaysia (BNM) issued the e-KYC framework for remittance companies in 2017.

InstaReM, which launched Malaysia operations in November 2017 and is powered by the recently-launched NIUM global payments platform, is one of the first digital cross-border remittance fintech to implement the e-KYC process following the issuance of the e-KYC framework by the BNM.

Prajit Nanu, co-founder and CEO of InstaReM, said, “As a responsible global corporate citizen, we make sure to comply with applicable regulations in all of the geographies we operate in. Also, we are fully cognizant of the customers’ challenges while complying with the KYC norms in traditional methods. Thanks to BNM’s forward-looking approach, implementation of e-KYC by InstaReM makes things easy for all stakeholders. All that you need to do is log into your account and upload the required documents along with your photograph on our website – and you are all set to enjoy InstaReM’s famed quick and cost-effective overseas money transfers to over 60+ destinations across the globe!”

Know-Your-Customer (KYC) is a critical process which all financial institutions need to implement for authenticating and validating customers’ identity to assess their risk and is also a legal requirement to comply with Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT) laws at the time of customer onboarding.

e-KYC is a great solution that takes the pain out of the customer onboarding process, making it easier and seamless. By enabling customers to submit the required documents electronically on InstaReM’s website using document identity validation (and facial biometric technology), e-KYC eliminates the need for physical, in-person verification.

With InstaReM’s fully-digital e-KYC process, which takes just a few minutes to complete, users from any part of Malaysia can get KYC done from the comfort of their home or office. And the customers have round-the-clock access to a transparent and instantaneous identity verification process.

The introduction of e-KYC guideline for remittance companies is part of the BNM’s constant efforts to use digitalization to bring in efficiency and lower the costs of financial services. e-KYC also provides a level playing field to fintechs like InstaReM who do not have extensive branch networks like banks.