Wise Platform expands APAC footprint with 9 new integrations in 6 months; launches new features for businesses and financial service providers
- Over 44 million people and businesses in APAC can now access fairer, more transparent financial services from the convenience of their existing providers’ platform
- Wise launches new features to partners via Wise Platform API including multi-currency account details issuance and digital debit cards which offers the ability to spend like a local in over 170 countries
26 July 2023 — Wise Platform, Wise’s infrastructure offer for banks and non-banks alike, today announced its continued expansion in Asia Pacific, integrating with 9 partners in the first half of 2023 and launching a new feature to help enterprises and their customers spend and manage money in multiple currencies.
Wise has spent over a decade building an entirely new cross-border payments network that makes sending, receiving, spending and managing money internationally faster and cheaper than traditional providers. Globally, more than 60 banks, fintechs and enterprises use Wise’s infrastructure for money movement. In response to growing demand and needs of partners, Wise Platform’s powerful API can now also be integrated for cross-border money spending and management capabilities — rolling out first in Australia.
By leveraging Wise Platform, enterprises will now have the ability to offer their customers faster and cheaper ways to hold, send, spend, receive and manage money internationally, directly from their existing platforms.
This is launching first in Australia with two partners — ProSpend and Parpera — who will be using Wise’s infrastructure to issue multi-currency accounts and digital debit cards via their own interface to enable their customers to spend and manage money internationally with ease:
- One card to spend in 170+ countries: issue Wise co-branded or white labelled digital debit cards (Visa or Mastercard) allowing business owners and employers to spend like a local, wherever at the mid-market exchange rate and manage expenses
- 40+ currencies, one account: issue multi-currency accounts to hold and convert between 40+ different currencies as well as instantly generate local and global account details to receive funds in multiple currencies, allowing businesses to go global with a few clicks
- One stop shop: send, spend and manage money across currencies all from the convenience of one platform
In the past half year, Wise Platform launched in 3 new markets across Asia Pacific, powering low-cost, fast and transparent cross-border payments for millions more people and businesses in Indonesia with Bank Mandiri, Japan with GMO Aozora Net Bank Ltd and sending into India with IndusInd Bank. This comes after the launch of Wise Platform in Hong Kong with ZA Bank last November.
In addition to banks, Wise Platform deepened its footprint in the investment platforms and business services space. Interactive Brokers, moomoo, and uSMART all integrated Wise’s infrastructure to help make global investing easier, while employment platform Multiplier teamed up with Wise Platform to transform payroll management experiences for global businesses.
In total, over 44 million people and businesses in APAC can now access fairer, more transparent financial services from the convenience of their existing providers’ platform.
Steve Naudé, Head of Wise Platform: “For too long, the traditional international banking system has been slow, expensive and painful, affecting anyone who has ever needed to move or manage money in a different currency. Wise Platform’s expansion speaks volumes about the power of Wise’s infrastructure for banks, businesses and their customers across multiple industries in solving this pain point.”
He further adds: “By leveraging Wise Platform, partners can seamlessly integrate market-leading cross-border solutions directly into their platform, which allows them to deliver better customer experiences while staying focused on their core business. At the same time, with each new integration, more people and businesses get access to faster, better and transparent international payments, bringing Wise another step towards enabling better cross-border money movement and management for everyone, everywhere.”
Sharon Nouh, CEO at ProSpend said: “We are delighted to be partnering with Wise Platform as our fully integrated payment partner. The partnership aligns with our vision of delivering one hyper automated spend platform. Combining our platform that helps businesses manage their business expenses, their account payables, and purchases with budget controls with Wise’s market leading global payments technology, delivers this vision. By deeply integrating Wise's payments infrastructure into our platform, our customers can now run their entire company cards program from the same system they use to deliver all other services. We are excited to continue to work with Wise to innovate and improve the payment and spend management process for our mutual clients.”
Calvin Ng, Alternate Chief Executive and General Manager of Retail Banking at ZA Bank said: “As Hong Kong’s leading neo-bank, we strive to provide reliable, convenient and intuitive digital banking experiences to our users. Our partnership with Wise has transformed the traditional paradigm of international money movement with technology to address the major pain points in the user journey. By leveraging the capabilities of Wise Platform, we are proud to become the first Hong Kong bank to integrate Wise to offer cross-border money transfer services without any exchange rate mark-ups or hidden fees. The feedback from our users has been overwhelmingly positive, as they are now empowered to manage both domestic and cross-border money needs with a few taps in the ZA Bank App. Wise Platform’s intuitive API has also enabled us to continue to seamlessly expand our suite of supported currencies, such as the recent addition of Chinese yuan and Philippine peso.”
Mr Henry Toh, CFO, Tiger Brokers said: “Moving money in and out of investment portfolios using traditional payment methods can be slow and expensive when transacting in a foreign currency. Wise Platform’s seamless integration capabilities have been crucial in our continued partnership to deliver quicker and more efficient experiences for investors to trade across major global markets. The results have been remarkable, with customers loving the faster transaction speeds and reduced costs when using Wise to fund and withdraw from their Tiger trading account. Notably, since the integration, there has been a 2-3x reduction in average transaction duration, which demonstrates the invaluable impact on our customers.”