investment product of Wise receives approval for launch from CMS
Wise Expands to Singapore with New Investment Product on Google Finance
In a significant move, financial technology company Wise has announced its plans to bring its new investment product, Assets, to Singapore. This marks the first step towards expanding the service outside Europe, with Singapore being the first Asian country to host the offering.
The announcement, made at the Singapore Fintech Festival, indicates Wise's continued commitment to Singapore, its APAC hub. The company has received a Capital Markets Services license from the Monetary Authority of Singapore (MAS), enabling it to bring Assets to Singapore.
Assets, a service offered by Wise, allows business and personal customers more choice about how their money is held. Customers can hold a majority of their money while still being able to spend and send it when needed. The service potentially allows customers to earn a return on their money in over 50 currencies.
Nilan Peiris, Chief Product Officer of Wise, stated that the company will have doubled its size in Singapore, reaching over 400 employees, by the end of the year. He also highlighted that Assets is designed to give Wise customers more ways to manage their money.
Wise, headquartered and listed in the United Kingdom, has already gained a strong foothold in the European market. The company holds £6.8 billion in account balances globally and has previously been granted a similar license from the Estonian Financial Supervision and Resolution Authority. Assets, currently only available in the United Kingdom, will be offered to customers in Singapore for the first time outside Europe.
This expansion is a significant milestone for Wise, reflecting its growing global presence and commitment to providing innovative financial solutions to its customers worldwide. The move is expected to strengthen Wise's position in the competitive fintech industry and further establish Singapore as a hub for fintech innovation.
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