● TransferWise is said to ride on SG’s payments rail
● Singapore has opened up its rails for fintechs
● TransferWise continues to incorporate innovative solutions to improve its service
Estonian fintech TransferWise will be riding on Singapore’s round-the-clock payment rails, a move that will reduce downtimes for the money transfer service. Based on recent reports, the decision will make transacting with the international money transfer brand a lot faster and more cost effective. Singapore has opened its payments rail to fintechs and has done so to usher in improvements in the payments industry.
It”s not just Singapore that has forward-looking programmes. Other Asian nations are also working to provide better infrastructure and regulations for the industry and its clientele. The recent money transfer conference in Manila in September is indicative of Asia’s adoption of technology for money transfer services in general, fintech observers say.
TransferWise has continued to adapt to the needs of the market, according to the company’s executives. The London-based fintech was established in 2011 and now has offices in Tallinn, Singapore and New York. The startup currently supports over 300 currency routes. Its access to the interbank will make its services more affordable.
The recent development in Singapore will make the service a lot better, according to the company’s representatives. TransferWise’s Taavet Hinrikus and Kristo Käärmann are reportedly working very hard to relieve their clients from the “pain of international money transfer”, an enduring shared experience that brought the two men together. After deciding to set up shop in Singapore, with the city its APAC hub, TransferWise became one of the very first remittance brands in SG to do its verification process online. The announcement in 2017 was cause for celebration for the money transfer brand.
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