- Singapore fintech startup Nium secured key Indian licenses.
- The credentials will allow Nium to broaden offerings in fast-growing India.
- Nium will leverage India’s thriving fintech market and unbanked population.
Nium secures key licenses from reserve bank
Singapore-headquartered fintech startup Nium has secured in-principle approval from the Reserve Bank of India (RBI) for both a prepaid payment instrument license and payment aggregator license.
The new credentials will allow Nium to broaden its offerings in the fast-growing Indian market.
Nium already provides prepaid forex cards in India under its Nium Forex brand. But the payment licenses will now enable distribution of multi-purpose prepaid cards for expenses like employee stipends while also connecting Nium to national payment rails like UPI.
Scaling fintech solutions in India’s thriving market
The approvals come as Nium rapidly scales its suite of B2B financial solutions for enterprises and financial institutions across assets like card issuance and global payments. Nium holds over 40 regulatory licenses globally.
India’s large unbanked population and booming digital payments activity has attracted major fintech investment.
Nium’s expanded permissions will support new services like merchant acquiring to tap into national growth opportunities.
