(11 November 2024 – Global) Standard Chartered has partnered with Wise for cross-border remittances across Asia and the Middle East.
This collaboration enables Standard Chartered’s SC Remit customers in these regions to transfer funds in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD, and JPY, in mere seconds. Customers will benefit from receiving the mid-market rate with no additional markups.
Standard Chartered will integrate Wise’s cross-border infrastructure via the Wise Platform API, rolling out this capability for SC Remit customers in the coming months. This partnership is expected to expand, with more currencies and additional markets planned to further enhance Standard Chartered’s international remittance services.
This isn’t Standard Chartered’s first collaboration with Wise; the bank initially partnered with Wise earlier this year through Mox, its digital bank in Hong Kong.
Samir Subberwal, Standard Chartered’s Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer, stated: “We chose to partner with Wise Platform due to their extensive currency coverage and stellar cross-border payments experience they are known for. This collaboration is a key step in enhancing our international payment services as we offer an even more seamless, faster, and efficient digital global payments experience to our clients.”
Wise’s technological capabilities are notable, with over 65 licences and six direct connections to payment systems, resulting in 63% of its cross-border transfers completing in under 20 seconds. Although major banks have often maintained a cautious distance from Wise, Standard Chartered’s move signals a new approach for established institutions seeking streamlined payment solutions.
Following the announcement, Wise’s share price in London saw a 6.4% uptick on Monday morning. Steve Naudé, managing director of Wise Platform states: “The partnership with Standard Chartered, one of the biggest global banks, marks a significant milestone in financial institutions investing in building better international payment experiences for customers. Wise and Standard Chartered share the same vision for creating frictionless payment experiences for customers, and we are thrilled to be working together to help SC Remit customers access fast, secure and low-cost international payments.”