Money transfer service company, TransferWise has rebranded to Wise, and appointed a new local, Country Manager, Lim Paik Wan.
Lim will be responsible to lead and expand Wise’s presence and growth in the country.
“I am excited to be a part of the team working towards the Wise mission to make cross-currency payments as fast, easy, transparent and cheap as possible. Based on a recent survey that we commissioned, we know that 50% of Malaysians are keen to save on remittance costs and 57% would appreciate transfers reaching its recipients more quickly, and we are determined to meet their concerns,” she said.
“We are also thrilled to expand the availability of international money transfer services to foreign workers, who can also benefit from a low cost, secure and completely online option for their remittance needs,” she added.
Meanwhile, Kristo Käärmann, Chief Executive Officer (CEO) and Co-Founder, Wise stated, “Today our name catches up with who we’re already building for, a community of people and businesses with multi-currency lives. That community now even includes the banks themselves.”
“We’ve evolved to fix more than just money transfer, but the core experience of using Wise will remain faster, cheaper, and more convenient than anything else. Our mission remains the same. We’re still making and always will be making money work without borders,” Kristo added.
Since its inception, the company has to build a cross border payments network helping to make international banking cheaper, faster and more pleasant for its 10 million customers.
Foreign workers in Malaysia can now also use Wise to send remittances back home to their family members’ bank accounts and e-wallets without paying costly fees and markups by other service providers. Notably, the company processes £4.5 billion (RM25.2 billion) in cross-border transactions every month, with customers saving themselves a total of approximately £1 billion (RM5.6 billion) a year compared to making the same transaction with their bank.