(3 August 2020 – Singapore) TransferWise, a Fintech focused on foreign exchange (FX) transactions, has announced a partnership with Singapore-based Aspire to enable businesses to execute quick, low-cost international money transfers directly from their transaction account using Aspire’s app.
Through this collaboration, Aspire becomes the first Neobank in the country to provide international money transfers with no exchange rate mark-ups or other hidden fees. Aspire provides digital financial services such as credit lines, business accounts and corporate cards for small and medium-sized enterprises (SMEs).
East and Partners’ latest research reveals that non-bank providers are steadily gaining ground in Singapore SME land as they bring meaningful competition into the market, following in the footsteps of British and Australian challenger banks.
“The firm is in discussions with a number of other similar institutions in Asia to implement its solution designed for banks, digital wallets and other financial institutions stated TransferWise Head of Asia-Pacific and Middle East Expansion, Venkatesh Saha.
“Leveraging TransferWise’s open application programming interface (API) allows us to do this without much additional and expensive build, enabling us to unlock cross-border payments for our thousands of customers quickly and easily,” said Aspire co-founder Andrea Baronchelli.