Leading digital payments company, TransferWise, has reportedly announced its rebranding, under which it is renaming itself to Wise. The company also announced plans to further strengthen its Asia-Pacific presence with the expansion of its office in Singapore.
More than 70 people would be hired in the Republic for roles including operations, product, engineering, and expansion in a bigger office space, adding to its present headcount of nearly 150 people. This move comes as the APAC region is becoming the firm’s most rapidly growing regions.
Head of APAC expansion at Wise, Venkatesh Saha, stated that with the rapid growth of payment methods like bKash in Bangladesh, PayMaya in the Philippines, and GoPay in Indonesia, economies across APAC are at the forefront when it comes to innovation, especially in case of payments.
Saha added further that businesses in the APAC region are very global. In fact, around 70% SMEs in APAC already export outside the region. People in the region are far more connected than their equivalents in other regions.
The company, Wise, has mainly three products, with money transfers being the main feature of their account. It also processes around £4.5 billion (S$8 billion) in cross-border transactions on a monthly basis, with users saving approximately £1 billion a year in comparison to making same transaction with their bank.
Meanwhile, Wise Business, the business-oriented account for enterprises, boasts of all the personal account features as well as extras, including multi-user access, mass payouts, and bank feeds. Nearly 150,000 businesses have joined the service in the previous 12 months.
Moreover, to grow its partnership network with other key players in the market, Wise also has a platform for firms like Xero and Monzo to tap the Wise infrastructure. This platform is already live with different banks across 10 countries.
Saha also stated that over the last decade, Wise has created a global network allowing its users to not only transfer money across borders more economically, conveniently, and quickly, but also to aid them in managing their numerous currency needs.