Indonesia, 1 March 2023: Wise, (LON: WISE), the global technology company building the best way to move and manage money around the world today announces that Wise Platform is live in Indonesia with the country’s largest bank by assets, Bank Mandiri.
This also comes as Wise rolls out a new look and feel today which underscores the company’s mission to build money without borders and create a fast, convenient, cost-effective and transparent global alternative to the traditional correspondent system. The complete visual makeover features a fresh green palette and a bold new font, and draws from global currencies, languages, alphabets and places around the world.
First launched in 2011, Wise continues to invest in expanding its unique international account offer and underlying infrastructure — which includes Wise Platform, Wise’s infrastructure offer for banks and non-banks alike. And today, Bank Mandiri joins the ranks of more than 60 banks and large businesses globally who have integrated the power of Wise, via Wise Platform, right into their own infrastructure.
Bank Mandiri will be using Wise Platform’s Payouts APIs as a white-labelled, infrastructure solution to create transfers. By integrating Wise Platform, Bank Mandiri is able to offer its 16 million users the ability to send money affordably to 5 currencies (USD, SGD, GBP, EUR, AUD). Additionally, 52% of transfers sent through Wise globally are instant (less than 20 seconds), which brings greater speed and convenience to Bank Mandiri’s customers.
Bringing Wise Platform to Indonesia is also a further build up for Wise in the market, which first launched its low cost and fast money transfer service from the country in 2020.
Aquarius Rudianto, Director of Network and Retail Banking, Bank Mandiri, said: “We are delighted to introduce the newest feature, Transfer Valas on Super App Livin’ by Mandiri. With this integration, our customers can now skip the queues at our bank branches, and enjoy our fast, full-amount guaranteed, cheap, and easy overseas money transfers feature - which can be done within Livin' by Mandiri app 24/7. At Bank Mandiri, we are focused on building a one-stop financial solution for our customers, and this partnership is yet another step in this direction. We are excited for our customers to try out this new service, which will give them control and save their time and money on their international transfers.”
Elian Ciptono, Indonesia Country Manager, Wise, said: “Having first launched transfers in Indonesia in 2020, we are excited to deepen our commitment to the country by bringing Wise Platform here with Bank Mandiri onboard as our first partner. At the same time, we are also excited to unveil Wise’s new look and feel, which celebrates Wise’s global community of people, businesses, and banks, and highlights our commitment in building a faster, cheaper and more transparent alternative to manage money in multiple currencies.”
Elian Ciptono added: “With speed (95%) and fee transparency (93%) emerging as the top two most requested features among Indonesians in sending remittances, there’s a greater need for a low-cost and less time-consuming international transfer service in Indonesia — the fourth most populous country in the world. As a company focused on making money move better for everyone, everywhere, we are thrilled to build a service with Bank Mandiri that offers millions of Indonesians access to quick and low cost international transfers.”
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE.
16 million people and businesses use Wise globally, which processes £9 billion in cross-border transactions every month, saving customers around £1.5 billion a year.
Bank Mandiri is one of the leading banks in Indonesia that offers financial services to its customers, including Corporate, Institutional Relations, Commercial, Micro & SME, Consumer Banking, Treasury, and International Banking segments. Currently, Bank Mandiri is collaborating with several subsidiary companies to support its main business, which includes Mandiri Sekuritas (capital market services and products), Bank Syariah Indonesia (Islamic banking), Bank Mandiri Taspen/Mantap (micro, small, and medium enterprise (MSME) lending), AXA-Mandiri Financial Services (life insurance), Mandiri InHealth (health insurance), Mandiri AXA General Insurance (general insurance), Mandiri Tunas Finance (financing services), Mandiri Utama Finance (financing services), Mandiri International Remittance (remittance services), Mandiri Europe (treasury and financial institution services), and Mandiri Capital Indonesia (venture capital financing).
In expanding its business, Bank Mandiri continues to develop digital banking services and products that are capable of fulfilling various needs of its corporate and retail customers. Kopra by Mandiri is a digital solution for the national industry that unites corporations and small and medium-sized enterprises (SMEs) in a single access digital ecosystem that is easy and solution-focused, such as Cash Management services, Forex, Trade & Guarantee, Supply Chain Management, Virtual Account, and integrated financial solutions based on Application Programming Interface (API). Meanwhile, retail digital services include the Livin' by Mandiri application, Mandiri e-money prepaid card, as well as information services based on artificial intelligence, Mandiri Intelligent Assistant (MITA), on Bank Mandiri's official WhatsApp account at +62 811-84-14000.
As of December 2022, Bank Mandiri's network has spread throughout Indonesia, including 4,050 office networks, consisting of 2,363 branch offices and 1,687 micro offices. Bank Mandiri's distribution services are also equipped with 13,068 ATM units that are connected in ATM Link, ATM Bersama, ATM Prima, and Visa/Plus networks, Electronic Data Capture (EDC), and e-banking networks that include New Livin' by Mandiri, SMS Banking, and Call Center 14000.
Detailed information about Bank Mandiri can be accessed through www.bankmandiri.co.id.