TransferWise is renaming to Wise and is strengthening its Asia Pacific presence with the expansion of its office in Singapore.
Originally launched in 2011 as a money transfer service for people, the company has expanded to build a cross-border payments network helping to make international banking cheaper, faster and more pleasant for its 10 million personal and business customers.
Wise is now home to three products, with money transfers being the foundational feature of the Wise account:
- Wise – building the world’s most international account. Send and spend money internationally, hold money in 55 currencies and get real account numbers in 9 currencies. Customers now hold over £3 billion (S$5bn) in Wise, with 1.4 million debit cards issued.
- Wise Business – the business account for going global, it has all the features of the personal account plus extras like bank feeds, mass payouts and multi-user access. Over 150,000 businesses joined Wise in the last 12 months. Wise Business is used by Singapore companies like Electric8, Ksisters, Omnidesk and SLEEK.
- Wise Platform – the platform banks and companies like Monzo, Xero and Aspire use to tap into the Wise infrastructure, giving their customers cheaper, faster payments and international banking features. Wise Platform is live with banks in 10 countries across 4 continents.
Wise also aims to strengthen its global footprint in Asia Pacific with the opening of its new, larger office space located in Singapore and headcount expansion plans.
Over 70 people will be hired in Singapore in 2021 for roles including expansion, engineering, product and operations. This expanded presence allows Wise to better serve regional consumers, businesses and bank partners and drive business growth into new markets.
Located at PLQ 2, the new office is designed to create a conducive environment with spaces to suit different working styles and needs. Spaces include a nursing room, private prayer space, nap rooms and recreational zones.
From today, customers can opt for the company’s new website. The final switchover for all customers to the Wise brand will take place in March 2021.