• Tue. May 28th, 2024

Nium becomes a Financial Service Provider in New Zealand

US-based payments provider Nium has announced its official registration as a Financial Services Provider in New Zealand.

 

This step signifies Nium’s entry into New Zealand’s financial landscape and aims to underline its dedication to offering innovative financial solutions worldwide. This registration adds to Nium’s existing array of licences and registrations, covering over 40 countries globally. In 2024, Nium has obtained approvals or in-principle approvals for four licences and registrations: 

  • Japan: Type 1 Funds Transfer Service Provider (FTSP) licence from Japan’s Financial Service Agency (FSA).
  • India: Prepaid Payment Instrument (PPI) licence from the Reserve Bank of India (RBI). 
  • India: Payment Aggregator (PA) licence from the Reserve Bank of India (RBI). 
  • New Zealand: Registration on the Financial Service Provider Register (FSPR).

The registration marks the initial phase towards offering businesses in New Zealand various financial services, potentially including virtual accounts, debit and pre-paid cards, funds collection, and global payouts. It aligns with Nium’s established presence in the Oceania region, where two of the largest spend management platforms in Australia leverage Nium’s global network. Nium’s registration in New Zealand further solidifies its position as an important player in cross-border money movement, serving banks, financial institutions, travel platforms, payroll providers, and other businesses. 

In the company press release, officials from Nium expressed the company’s enthusiasm for the local and global impact, stating their eagerness to introduce Nium’s innovative cross-border payment services to New Zealand. This move is aimed at enabling businesses to engage in commerce with New Zealand more efficiently by providing speedy, efficient, and transparent payment services.

 

US-based payments provider Nium has announced its official registration as a Financial Services Provider in New Zealand.

 

Other developments from Nium

Nium recently announced a partnership with Weel, the Australian spend management platform, as a card-issuing partner. Representatives from Weel highlighted that Nium’s registration in New Zealand lays the groundwork for meeting customer demand to introduce their offering to the New Zealand market in the upcoming months. 

In April 2024, Nium partnered with luxury tour operator Scott Dunn to issue virtual cards to its global network of hotel providers. Through this partnership, Nium’s virtual card solution allowed travel intermediaries to effectively pay airlines, hotels, and the global travel ecosystem via more efficient, cost-effective, and secure transactions in more than 20 local currencies. 

Scott Dunn’s extensive network of global hotel partners benefited from improved reconciliation, card scheme protection, and quicker access to funds, helping to maximise working capital and improve cash flow. 

For more information about Nium, please check out their detailed profile in our dedicated, industry-specific Company Database.

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By admin