Wise: Integration of PayNow and Expansion of Singapore Team, 2024

Wise, a renowned global online money transfer service, has recently announced two major milestones: the integration of PayNow, Singapore’s local payment network, and the expansion of its team in Singapore.

The integration with PayNow allows tourists to conveniently make QR payments to local merchants directly through the Wise app. This development is particularly beneficial for businesses that traditionally do not accept card payments, such as hawkers.

Singapore becomes the first country where Wise has connected with two local payment systems. This achievement builds upon Wise’s previous integration with the FAST system in 2022, further enhancing its presence in the country.

Regional Collaborations:

In addition to its expansion in Singapore, it focuses on regional growth by collaborating with Hong Kong’s Mox to offer simplified international payment solutions. The company also expands its partnership with Tiger Brokers, introducing debit cards for their Singaporean customers.

Alongside these advancements, Wise has announced the expansion of its Singapore office and made several leadership appointments. The company has doubled its employee count to 450 at its APAC hub located in Paya Lebar Quarter, covering an impressive 23,000 square feet.

Leadership Appointments:

Wise appoints a new leadership team in Singapore to drive its expansion and operations in the region. The team includes Shrawan (SK) Saraogi as the APAC Head of Expansion & Singapore Country Manager, Mike Truong as the APAC Product Director, Erin Smith as the Product Director for Global Spend, Ser-Jin Lee as the APAC Compliance Director, and Samarth Bansal as the APAC General Manager for the the Platform.

Impressive Growth:

Wise witnesses a remarkable 26% year-on-year growth in its customer base in Singapore, leading to the expansion of its local product and engineering team by over a third since 2022. The company has issued over four million personal and business cards across 42 countries.

Isabel Naidoo, Chief People Officer, expressed her excitement about the company’s growth in Singapore and its commitment to the Asia Pacific region. Naidoo emphasized Singapore’s position as a global fintech innovation hub and its access to a diverse talent pool, making it an ideal location for Wise’s expansion.

The recent additions to the team bring valuable experiences that will contribute to Wise’s mission of building the best way to move and manage money worldwide.

 

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