London-based Neobank Wise (PR42 Profile) has been granted a capital market services license by the Monetary Authority of Singapore.
Through the license, Wise will be able to launch its new Assets investment product in Singapore in early 2023. The product can be used by business and retail customers to generate returns on their investments in more than 50 currencies.
Currently, the Assets offer is only available in the United Kingdom.
Wise (previously TransferWise) is a London-based online money transfer service that was established in 2011 by Estonians Kristo Käärmann and Taavet Hinrikus. Today, Wise is trusted by over 12 million customers, and sends payments worth around 8 billion dollars a month to 80+ countries around the world.