Nium Launches Digital Payment Solution for Shipping Companies

Nium launched a digital payment solution that simplifies the payment process from on board.

Singapore, TechnoBusiness SG (English Edition) • Nium, a payment platform founded by Michael Bermingham and Prajit Nanu in Singapore in 2015, on Monday (17/5) launched a digital payment solution for shipping companies.

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Nium’s solution aims to digitize the payment process for shipping companies, management teams, ship crews and their families. The solutions include payment of employee salaries, vendor payments, e-wallet services and remittances.

That way, seafarers can find out their salary disbursement in real-time through a Virtual Visa card account and the Nium Pay application, then transfer to their families who may be in different countries, and shop online.

“Technological developments in the shipping industry are accelerating as shipping companies and seafarers continue to look for more modern ways to move money,” said Gitesh Athavale, Head of Sales for Nium Southeast Asia and Hong Kong.

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The solution that is more modern, faster, more efficient, and more cost-effective is now being presented by Nium.

Bernhard Schulte Shipmanagement (BSM), an integrated shipping company headquartered in Germany, became the first user of the Nium payment solution.

As a global shipping company under the auspices of the Schulte Group, BSM manages 600 ships, 18,000 seafarers and 2,000 employees worldwide.

“Therefore, it is important for us to take care of it well, especially when our crew is not allowed to go ashore and cannot physically send funds home,” said BSM Finance Manager Dennis Moehlmann.

Thanks to Nium’s digital payment solutions, funds can now be transferred ashore in an instant. The solution is the answer to provide peace of mind to the crew of BSM ships.

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To note, Nium is not a small financial technology company either. Since its establishment, Nium has received six times funding from various investors totaling US$80 million. [the_ad id=”13590″]

According to Crunchbase’s records, the latest funding of US$21 million was obtained by Nium, a company originally called InstaReM, from Temasek Holdings in April.

—Michael T. Kheilton, TechnoBusiness SG • Photo: BSM

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