- Firm to open up in Malaysia after previously launching services in Singapore
- Plans for a multi-currency card, e-wallet functions and more
- “The service was launched last month in Singapore, and by next year, we are also expecting to set up a Malaysian office and targeting to hire five staff”, he added
Well-known international money transfer firm TransferWise has announced that it will launch operations in Malaysia.
The firm, which is a fast-growing start-up, recently launched in Singapore – although it now intends to go even further into the Asian market and aims to hire five staff in Malaysia by next year.
As part of the new service, the firm intends to permit customers to make cash transfers with a maximum value of RM30,000 Malaysian ringgit each day.
International employees in the country will have a limit of RM5,000 per day.
Other plans in the works for the firm include the possible launch of a multi-currency card.
It is also planning partnership opportunities too – particularly with Bank Negara Malaysia, with which it wants to set up e-wallet functions.
In statements to the press, various spokespeople for TransferWise explained more about the processes involved.
One spokesperson explained more about their plans for the collaboration with Bank Negara Malaysia.
“We will begin discussions with BNM early next year in regard to these functions we have in plans for TransferWise”, said the firm’s Asia Pacific expansion head Venkatesh Saha.
“Moving forward, business transfers and services for foreign workers are expected to begin in 2020 due to additional checks required by regulations”, Saha added.
A more overarching and strategic explanation was given by Taavet Hinrikus, who is the firm’s founder and chair.
He outlined the way in which the firm made the decision to set up shop in Malaysia.
“I am happy to announce today that because we received an overwhelmingly large number of requests from Malaysians — over 15,000 altogether — we allocated resources to getting the service up and running, and that’s why we’re here today”, he said.
“The service was launched last month in Singapore, and by next year, we are also expecting to set up a Malaysian office and targeting to hire five staff”, he added.
The Malaysian remittances market is an interesting one.
Earlier in 2019, PayPal Holdings Inc told its Malaysian employees that it would be shutting down shop – and while PayPal still offers services to Malaysian clients, it’s interesting to see TransferWise take the opposite trajectory by expanding there.
Its public reason for doing so is that 15,000 Malaysians requested that it opened up there – but there will surely also be a strategic reason why it decided to take on the risk.
As a start-up, it clearly has the flexibility – and, probably, the drive – to make decisions like this.
To learn more about firms like TransferWise and what they’re up to in this sector, head over to our news pages and read some further posts.
