TransferWise is on a roll, having announced both a new investment round and the expansion of its banking services to Asia through its new partnership with challenger bank Aspire.
By tapping into TransferWise for Banks, the FinTech’s open banking solution, challenger bank Aspire will be a little bit closer of reaching its goal of reinventing SME banking in Southeast Asia, starting with Singapore.
“We’re excited that small businesses and business owners using Aspire can now make international payments through our partnership with TransferWise,” said Andrea Baronchelli, co-fouder and CEO of Aspire. “TransferWise and Aspire both share an ambition to build a new standard in banking and international transfers.”
TransferWise for Banks enable banks, credit unions, digital wallets,and other financial institutions to empower their customers with TransferWise transfers solutions, with the added convenience of not having to leave their banking app.
The integration with TransferWise makes Aspire the first neobank in Singapore to provide international money transfers with no exchange rate markups or other hidden fees.
“Leveraging TransferWise’s open 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 Baronchelli.
The news comes as TransferWise bagged a $5bn valuation on the back of a $319m secondary share sale this week.
Aspire has previously partnered with UK-headquartered open banking platform Railsbank.
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