According to a Finextra article, major global B2B fintech Nium—which runs on Ripple—has joined forces with a big fintech player in Costa Rica, Teledolar, to expand its presence in Latin America and make local clients and companies part of the world's digital economy.
Nium targets wider expansion in Latin America
Ripple's partner, major fintech company Nium, keeps expanding its presence in various parts of the world. This time, the expansion is to the emerging market of Latin America.
For this purpose, it has become partners with Teledolar, a top-tier fintech firm in Costa Rica.
Latin America is now hungry for new fintech solutions, so this sector is growing fast. The adoption of the internet is spreading through the region, along with mobile business applications and digital payments.
The recent pandemic that began in China and caused a global lockdown has hit economies all over the world pretty hard and inspired Latin America to welcome more innovation. The region is emerging from the global pandemic with more offerings in the digital sphere.
Nium expects that its presence in Latin America will help local fintechs, banks and other financial institutions to convert their products into digital formats quickly and easily and to find new consumers for them.
Nium partners with Teledolar
By joining forces with local big fintech firm Teledolar (Nium's first partnership in Costa Rica), Nium intends to help its customers conduct real-time payments to destinations outside of Latin America—to Europe, the U.S. and the U.K., among other countries.
Nium works with Visa Direct
Previously, Nium began cooperating with the global Visa giant in order to set up an instant payments corridor between Indonesia and Singapore.
To achieve this, Nium has managed to obtain a license from the Central Bank of Indonesia. Working with Visa Direct allows Nium's customers to receive remittances directly in their bank accounts.