Jofie Yordan · · 1 min readNium secures in-principal payment licenses to expand in India
Nium executive vice president Anupam Pahuja / Photo credit: Nium
Singapore-based fintech firm Nium has obtained in-principal approval for the prepaid payment instrument and payment aggregator licenses from the Reserve Bank of India.
The approval will allow the company to roll out new financial products in the Indian market, in addition to the prepaid forex cards that is already offering in the country under the Nium Forex brand.
With the prepaid payment instrument license, Nium looks to distribute prepaid cards in India, which can be used for employee spending and for refilling domestic wallets. The company also plans to team up with different card partners to improve the user experience.
Meanwhile, the payment aggregator license enables Nium to offer merchant onboarding and acquiring solutions. This license will also connect the company to real-time payment services like the Unified Payments Interface.
In addition to Singapore, Nium is also headquartered in San Francisco and has regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, Hyderabad, and Chennai. The company said that it holds regulatory licenses and authorizations in more than 40 countries.
See also: Digital banking meets hard realities in SEA’s emerging markets
Editing by Miguel Cordon and Lorenzo Kyle Subido
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