Global payments company Nium is enhancing its presence in Latin America, with a focus on expanding its operations in Brazil.
The company has recently applied for a Payment Institution License in Brazil, which will allow it to offer payment services, including managing funds in BRL and facilitating real-time payments through the Pix system.
Additionally, Nium is seeking authorisation for foreign exchange transactions to strengthen its capabilities in the region.
Nium’s recent partnership with BS2, a Brazilian digital bank, underscores its growing footprint in Latin America.
BS2 is leveraging Nium’s Global FX product to reduce costs and enable real-time payouts between Brazil and key trading partners like China and the UAE.
BS2 also serves as Nium’s Brazilian Real (BRL) Correspondent Bank, assisting in real-time payment settlements for cross-border Pix transfers.
Since entering the region in 2017, Nium has secured several clients, including Ouribank, Treviso, OZ Cambio, and Frente.
In collaboration with Ebury, another fintech company, Nium has launched a global remittance service in Brazil, facilitating fast and reliable cross-border payments for businesses.
Nium has also joined the Associação Brasileira de Câmbio (ABRACAM), an association representing institutions authorized by the Central Bank of Brazil to conduct foreign exchange operations.
As part of its expansion strategy, Nium plans to increase its workforce in the region, focusing on business development and partnerships.
“Latin America has established itself as a frontrunner in numerous cross-border use cases, particularly in global marketplaces where its e-commerce economy thrives in supplier corridors with Asia and Europe.
Recognising this potential, we have been strategically investing in Latin America for years, securing major clients and expanding our operations.”
said Prajit Nanu, Founder and CEO of Nium.
“Nium is rapidly building and scaling local payout rails across the entire region to help better serve our target verticals, which are primarily banks, FIs, and platforms.
We’re also working to bring our travel offering and card issuance to the region, once our new licences are in place.”
said Christina Hutchinson, VP of Business Development LATAM at Nium.
Featured image credit: Edited from Freepik
