The move supports Nium’s continued plans to utilise fintech tools to improve business efficiency and customer experience in LatAm, further enabling LatAm consumers and businesses to participate in the global digital economy more effectively.

The LatAm market is primed for innovative financial technology solutions. Not only is the region one of the fastest-growing in terms of Internet and mobile adoption, regulators across LatAm have been borrowing from Europe’s open-banking playbook to break up incumbent bank monopolies[1] and are implementing measures to increase the adoption of digital payments. COVID-19 has further exacerbated fintech growth – with many turning to fintechs to maintain service level amid the pandemic or to come out of this crisis with better digital offerings than before. The expansion of Nium’s presence in LatAm will help fintechs, banks and financial institutions digitise their solutions much faster, and, in turn, provide better digital financial service offerings to their customers.

To mark Nium’s continued expansion into LatAm, the company has signed its first partnership in Costa Rica with pre-eminent LatAm fintech player, Teledolar. Through this partnership, customers of Teledolar will be able to conduct outbound payments in real-time[2] to an expanded list of markets, including Europe, UK and USA among many others.

“Nium’s mission is to improve business efficiency through the introduction and facilitation of financial technology, and today’s announcement of our partnership with Teledolar is a testament to that,” says Rohit Bammi, Global Head of Institutional Sales at Nium. “Teledolar has been instrumental in creating a fintech platform for consumers, SMBs, banks and financial institutions in Costa Rica to move funds overseas in a more convenient manner, and we are excited to work with them to deliver a better, more convenient and faster remittance experience for their customers.”

“As the payments landscape continues to change, the introduction of new digital financial tools will help provide greater financial service access for consumers and businesses in LatAm. We look forward to working with the local players to simplify cross-border transactions for their customers.”

Commenting on the partnership, Juan Carlos Bedoya, CEO of Teledolar says, “Increased mobile Internet and smartphone availability, as well as the rise of next generation businesses, have led to changes in customers’ expectations on financial services. Teledolar strives to meet the evolving needs of our clients for global wire transfers through continuous improvements and growth to our services. We are proud and excited at the opportunity to be Nium’s first partner in Costa Rica, and look forward to offering our clients better services that are more efficient, secure and provide greater transparency.”