UK-Primarily based cash switch service TransferWise has confirmed that it’s going to not be pursuing a digital banking license in Singapore.
Venkatesth Saha, Head of Asia Pacific and Center East growth stated in an interview (paywall) that they solely have one focus — cross-border funds. As a substitute of increasing into totally different verticals like mortgage and lending, he expressed that there are nonetheless many issues throughout the FX and cross-border funds area they will resolve.
In keeping with that, TransferWise introduced the launch of a Mastercard enabled multi-currency card. Dubbed because the “Borderless Account” it permits for people to carry, convert and ship cash in additional than 40 currencies and use the debit card to make funds in additional than 150 nations.
Venkatesh commented that for TransferWise it’s now not about simply sending and receiving cash; their focus can be now on enabling customers to spend the cash conveniently.
TransferWise first started its thrust into the APAC once they selected Singapore as their hub in 2017 and as current as June they secured their remittance license in Malaysia. Our correspondents on the bottom count on that TransferWise’s companies will probably be made accessible to Malaysians as quickly as this yr.