Who are Nu Money?
Unfortunately, the crypto scene in the region has been in a pretty bad state of late. Banks have shut down accounts of local exchanges, forcing users to use payment gateway service’s to make deposits and withdrawals. There is now a lack of viable local exchanges and customer support is subpar. Long verification times for global exchanges like Gemini and Bittrex make it really difficult and expensive for locals to get into the crypto market; a successful verification for a Gemini account can take up to one month or more.
In Malaysia, the most popular exchange Luno, recently had their bank accounts frozen. This prevented further deposits and withdrawals from December 14 2017. Users have had their funds ‘stuck’ for close to 4 months now, and without deposits, new users simply could not buy crypto from Luno.
And over in Indonesia their most popular exchange bitcoin.co.id charges a high withdrawal fee of 1 percent for withdrawals larger than Rp 2500000 (USD 182.75)
Once a user has managed to purchase their crypto the 2nd hop to another exchange (Binance, Kraken, etc) adds further to the expense and inconvenience making the entire process a costly and drawn out affair for the average user.
There maybe light at the end of the tunnel – with NuMoney Exchange things will be different.
Firstly, NuMoney Exchange will accept fiat (normal currency) in/out without the intervention of the banks. In other words they store cash in cash vaults- just like a bank. Users can deposit and withdraw cash at NuMoney retail stores at their respective locations across Singapore, Malaysia and Indonesia. This ensures that NuMoney Exchange can carry on its operations even when the banks choose to shut down its accounts. Cash withdrawals in NuMoney will also be a flat fee of $2 (or currency equivalent) instead of a percentage. NuMoney is in the midst of setting up 2 retail offices in Singapore, 1 in Jakarta Indonesia and 1 in Kuala Lumpur. NuMoney Exchanges’ customer care retail stores make it easier for users to seek customer support, especially for locals. Lastly, Alt-coin support on NuMoney Exchange will be a priority once the Exchange is launched, so users do not need to move across different exchanges.