TransferWise opens Asian hub in Singapore

As our APAC hub, our Singapore office will allow us to work even closer with our customers across the region. We’re building a team within Singapore’s growing FinTech scene, focussed on bringing TransferWise’s fast, fair money transfer services to Asia Pacific.

The Singapore government’s commitment to FinTech makes it a prime location for innovation. We’re looking forward to contributing to the flourishing FinTech ecosystem.

Online verification

Working alongside the Monetary Authority of Singapore (MAS), TransferWise is one of the first remittance companies allowed to verify customers online. That means customers won’t have to come to our office to get verified anymore.

Here’s what our CEO, Taavet Hinrikus had to say: “Online verification not only makes it easier and more convenient for the customer, it also provides better protection as it means that companies can tackle financial crime more effectively.

It’s a great step forward in creating a financial services sector that is focused on what’s best for the customer, rather than what’s best for the banks. Because of this we can fully launch our service in Singapore. That means people in Singapore finally have an alternative to the banks and remittance companies.”

People and businesses send over SGD 1.75 billion monthly with TransferWise. And they’re saving SGD 2.5 million in bank fees every single day.