NRI remittances to India reaching $100-bn mark
India received $82 bn in 2022 and it’s the largest remittance flow in the world
Singapore Singapore-headquartered Instarem sees huge inbound flow of remittances into India, citing the World Bank projection that money sent home by the Indian diaspora will reach $100 billion a year in the coming year or so, up from $82 billion received last year. “India is a huge inbound market for us, and we have big operations in Mumbai, which is our main technology and product centre,” Yogesh Sangle, Global Head of Instarem, said on Wednesday on the increase in monies sent home regularly by the Indian diaspora.
Instarem has also grown its offices in Bangalore and Chennai, to leverage the talent in India, said Sangle who pointed out that the estimated $82 billion received in India in 2022 was the largest remittance flow in the world.
The app-based remittance company is setting up operations in Japan to serve Small and Medium Enterprises (SMEs) and consumers and has recently launched a SME-support product in Indonesia. Covid-19 had created an opportunity to service the cash-strapped SMEs.
