Singapore-based global financial platform NIUM has become the latest FinTech player to make a push into Latin America through a new partnership.
NIUM has teamed up with Frente Corretora de Cmbio, a Brazilian foreign exchange broker. The deal will see the Singapore business provide cross-border payment solutions to Frente Corretora de Cmbio.
These?services?will originally focus on transfers to the US, but will eventually extend to more countries, including Canada, Australia and Japan.
In a statement seen by Crowdfund Insider, NIUM revealed the partnership is a step in the company efforts to push into the Latin American market.
NIUM is not the only FinTech venture to recognize the opportunities in the region. Latin America emerging FinTech ecosystem has attracted bigger amounts of funding since 2014 when a mere $89.8m were injected into the sector, according to FinTech Global data.
In 2018, that number had increased to $671m only to be dwarfed by the $2.15bn raised in the first six months of 2019 alone, led by the $1.8bn Mercado Libre round.
Payments unicorn Stripe and UK challenger bank Revolut are just two of the big FinTech players who have recognized the opportunity of tapping into the region underbanked sector in the past six months.
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