In an exclusive interview with The Exchange Asia, Yogesh Sangle, Global Head of Instarem, shares how the company is transforming cross-border transactions for Malaysian small and medium-sized enterprises (SMEs) through efficient, cost-effective payment solutions.
According to Sangle, SMEs that switch to Instarem benefit from faster transactions at lower costs compared to traditional banking systems. “Our solution is five times cheaper and twelve times faster than conventional banks,” he explains. A prime example is Andalusia Travel and Tours, which used Instarem to make instant payments to Southeast Asia, Europe, Thailand, and Vietnam. “By eliminating hidden fees and high costs, the agency saved up to 25% on transaction fees, streamlined its payment process, and strengthened relationships with international partners,” Sangle says. Similarly, an HR software company working with Instarem saved 25% on exchange rates and fees, allowing them to reinvest these savings and improve their operations.
Despite these benefits, some SMEs encounter challenges when moving away from legacy banking systems. Workflow management is a particular hurdle, as businesses accustomed to traditional processes may struggle to adapt. Sangle emphasizes that Instarem provides personalized support to ease this transition. “We simplify workflows and offer dedicated onboarding tailored to each business’s needs,” he says, adding that ongoing support ensures businesses fully leverage the platform’s capabilities.
Instarem’s technology also helps SMEs enhance cash flow management. With near-instant transfers and one-to-many payouts, businesses can efficiently pay employees, vendors, and freelancers across borders without delays or high fees. “For companies managing payroll in multiple countries, our system allows all payments to be processed in a single transaction, minimizing administrative burdens,” Sangle notes. Additionally, integration with popular accounting tools such as QuickBooks and Xero automates processes, providing even greater financial control.
As Malaysia’s economy is poised for accelerated growth driven by higher consumer spending and stronger exports, Sangle highlights the importance of agility in financial strategies. “A stronger Ringgit offers SMEs an opportunity to lock in favorable exchange rates and reduce costs when settling international invoices,” he explains. Instarem equips businesses to capitalize on such market shifts, enabling them to make smarter financial decisions with greater speed.
One sector that has particularly benefited from Instarem’s solutions is the Halal industry. “The global Halal market, valued at USD 2.8 trillion, presents immense opportunities for Malaysian manufacturers,” says Sangle. Instarem supports these businesses by offering competitive exchange rates, customized payment methods, and dedicated customer support. “This flexibility has been a game changer, allowing Halal companies to scale effectively and expand their global reach,” he adds.
Regulatory compliance is another critical component of Instarem’s operations. “We operate under a robust network of licenses and work closely with regulators across markets to ensure the highest standards of governance,” explains Sangle. This means SMEs using Instarem can trust that their transactions comply with local and international regulations, without needing to navigate these complexities themselves.
One of the platform’s notable success stories is Astana Armada Sdn Bhd, which switched to Instarem after struggling with slow transaction times and high fees with their previous bank. “With Instarem, they gained the ability to lock in foreign exchange rates and make payments on demand, improving their cash flow and international relationships,” shares Sangle. A dedicated relationship manager also provided personalized support, allowing the company to scale its operations and confidently enter new markets.
Looking ahead, Instarem continues to innovate with features such as the fund-by-card option, which allows SMEs to use credit cards for both domestic and international payments. “This not only enhances cash flow but also enables businesses to earn rewards like cashback, points, or air miles,” Sangle says. Additional product updates are in the pipeline, aimed at driving efficiency and transparency for SMEs.
Instarem’s collaboration with banks, fintech companies, and payment networks further enhances its offerings. Through partnerships and industry events, such as MIHAS and the Malaysian Halal Expo, the company stays connected with evolving SME needs and introduces solutions that meet local market demands. “Our parent company, Nium, also enables us to serve enterprise-level clients through API solutions, ensuring that we deliver scalable, flexible services across the board,” notes Sangle.
For SMEs aiming to optimize their cross-border payment strategies, Sangle advises embracing digital platforms. “Traditional banking systems often lack the speed, cost-efficiency, and flexibility that smaller businesses need,” he points out. “Using multi-currency accounts to manage funds in different currencies can also reduce conversion costs and help businesses navigate currency fluctuations more effectively.”
With a focus on innovation, tailored solutions, and strategic partnerships, Instarem is empowering Malaysian SMEs to thrive in an increasingly interconnected global economy. Through competitive rates, efficient processes, and compliance with international regulations, Instarem ensures that SMEs are well-positioned to scale their operations and seize new opportunities across borders.
