Aditya Hadi Pratama · · 1 min readWise gets MAS license for investment product launch
Global payments firm Wise said it has received a capital markets service license from the Monetary Authority of Singapore.
Photo credit: Wise
The license allows Wise to bring its new investment product, Assets, to the city-state early next year. Business and personal customers can use the product to earn returns on their investments in more than 50 currencies.
Assets is currently only available in the UK.
Founded by Taavet Hinrikus and Kristo Käärmann in 2011, Wise (previously TransferWise) is a fintech firm that offers payment infrastructure. Since then, the company has worked with over 50 banks and non-bank partners around the world, processing more than US$9 billion in cross-border transactions every month.
In total, individuals and businesses hold around US$7.8 billion in Wise account balances.
In July 2021, the firm was listed on the London Stock Exchange at a valuation of US$11 billion. Last month, Wise announced that it’s on track to increase its headcount in Singapore to 400 by the end of 2022, doubling from the number at the beginning of the year.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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