InstaRem, a Singapore-based cross-border fintech, announced that it is rebranding under the name of Nium under a plan to reposition the firm into a global enterprise payments platform.

The company has been working towards the transition for months after it raised $41 million earlier this year and announced a plan that would allow fintechs, startups and enterprises to issue their own branded cards.

The company has been working with the Visa Fintech Fast Track Program, which will allow it to create an Open Money Network that other companies and organizations can join and build new products and services in markets across the globe. 

"As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform," Prajit Nanu, co-founder and CEO of Nium, said in a company release. "We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe."

The Open Money Network will be open to a wide range of companies, including online marketplaces, e-commerce firms, travel companies and others. 

Cover image: Nium.