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Singapore Fintech Startup Abandons Plans Competing for Digital Banking License

  • Startup now called Nium says local banks are ‘well entrenched’
  • Fintech firm seeking new payment licenses in Mexico, Brazil

Singapore cross-border startup Instarem, which recently rebranded as Nium, has withdrawn from the contest for a digital wholesale banking license in the city state, doubling down on its global business-to-business payments instead.

“Singaporean banks are extremely well entrenched in that ecosystem,” Nium Chief Executive Officer Prajit Nanu said in an interview, referring to wholesale banking. “Our strengths lie elsewhere and we have decided to consolidate and focus on those areas.”