Wise Obtains Capital Markets Services Licence from Monetary Authority of Singapore

  • Money Transfers
  • 02.11.2022 03:15 pm

Wise, the global technology company building the best way to move and manage money around the world, today announces at the Singapore Fintech Festival that Wise has received a Capital Markets Services licence from the Monetary Authority of Singapore. This will enable Wise to bring its new investment product, Assets, to Singapore in the coming quarters.

Currently available in the UK, Assets gives Wise business and personal customers more choices about how their money is held, and potentially earn a return on their money in over 50 currencies. Unlike money held in traditional investment accounts, Assets give customers access to the majority of their money, meaning they can hold their balance in Assets, and still spend and send the money when they need it.

The licence in Singapore follows the grant of a similar investment licence from the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) last week (25 October).

People and businesses hold £6.8bn in Wise Account balances globally. By offering investment through the Wise Account, Wise seeks to create a more convenient experience for people and businesses who send, hold and receive money in multiple currencies to have the option to potentially earn a return on their funds — all in one place.

Nilan Peiris, Chief Product Officer, Wise, said: “We're excited to have secured the licence as our first step towards bringing Assets to Wise customers in Singapore, making this the first location outside Europe where we’ll be offering this product.

Assets are something new we’ve built to give our customers more ways to manage their money, and we look forward to rolling this out to customers here. This also reflects Wise’s continued commitment to Singapore, our APAC hub, where by year-end we will have doubled in size to hit over 400 employees.”

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