WEX Introduces Virtual Credit Cards to Singapore

WEX Introduces Virtual Credit Cards to Singapore
04.04.2017 08:00 am

WEX Introduces Virtual Credit Cards to Singapore

Credit Cards

Today WEX Inc., a major provider of corporate payment solutions, reported that it will begin issuing virtual credit cards in Singapore, expanding its program in the Asian region that currently includes Hong Kong and Thailand.

WEX’s single-use virtual credit card (VCC) technology, assigns every transaction a unique card number, and provides companies with additional controls for security. Additionally, the VCC technology can deliver efficiencies by reducing reconciliations, queries and invoice processing.

“We are proud to have achieved this important milestone to support the growth of the WEX virtual product in the Asia Pacific region. Singapore is an important market for us and coupled with the fact that it is a global financial centre, this endorsement marks our commitment to the region,” said Jim Pratt, SVP and GM for Virtual Payments, WEX Inc.

“Obtaining an issuing license in Singapore is a tangible demonstration of our commitment to growing our issuance capabilities in Asia.” said WEX’s Managing Director for Asia Pacific, Jeff Ames from WEX’s regional headquarters in Singapore. “WEX’s continued focus on providing increased access to new markets in in Asia, and globally, positions us strongly and enables us (WEX) to better support our customers.”

WEX’s subsidiary, WEX Finance Inc., was granted an issuing license by the Monetary Authority of Singapore on 14 February 2017 which enables it to issue credit and charge cards in Singapore under the Banking Act. 

Related News

Swisscard Improves Early Collections, Reduces Net Credit Losses 40 Percent With FICO Analytics

Swisscard AECS GmbH, a leading credit card company in Switzerland, has optimized its early collections using FICO analytics leading to a 50 percent increase in revenue from... Read more »

FCA Rounds On Credit Card Firms Over Customers in Persistent Debt

The Financial Conduct Authority (FCA) has written to credit card firms telling them to review their approach to borrowers who are stuck in persistent debt, where they are... Read more »

Pleo Upgrades From Prepaid Cards To Credit Cards

Pleo is evolving – and perhaps the most important change is our new cards.

We’ve always offered a tool that made it easy for people to buy what they need to do their... Read more »

SoFi Is Partnering With Mastercard to Bolster Its Banking Offering With a Credit Card

The US-based fintech has teamed up with Mastercard for its new card network. Currently, SoFi offers a debit card product to users as part of its SoFi Money product via a... Read more »

Cornèrcard Launches Biometric Credit Card

Switzerland's Cornèrcard has teamed up with Gemalto and Visa to launch the country's first credit card featuring a biometric fingerprint reader.

To register a... Read more »

59% of Card-Present Transactions Globally Use EMV Chip Technology

Technical body EMVCo has published transaction data showing that 58.9% of card-present contact and contactless transactions globally were EMV®-enabled between July 2016 and... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel