UK fintech unicorn Transferwise is heading for Singapore with new office and hub for Asia-Pacific

 
Lynsey Barber
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Singapore will become a hub for Transferwise's operations in Asia (Source: Getty)

One of the UK's most successful fintech unicorns is embarking on international expansion plans, setting up a new office in Singapore to serve the Asia-Pacific region.

It's the ninth office for fintech unicorn Transferwise which hopes to have around 30 staff in the location by the end of the year and it will become a hub for the area.

“It made perfect sense for TransferWise to choose Singapore as our Apac hub," said co-founder and chief executive Taavet Hinrikus

Read more: UK tech star issues stark warning over the future of fintech after Brexit

"The region is important for us as we expand globally, bringing our service to everyone in the world that transfers money internationally. The Monetary Authority of Singapore (MAS) have demonstrated their commitment to making Singapore a place where fintech companies can flourish and we’re excited to be part of that.”

Transferwise, one of just a handful of UK startups to be valued at more than $1bn, is already in Australia, New Zealand and Japan and allows transfers to China Korea and plans to launch in new countries in the region.

The jobs based in Singapore will include engineering, product, verification, compliance, customer support, regulation and marketing and will add to its existing 650 global staff.

Read more: Transferwise partners Starling Bank ahead of digital challenger's launch

It's one of the first remittance companies to be approved in the country for online verification.

“Online verification not only makes it easier and more convenient for the customer, it also provides better protection as it means that companies can tackle financial crime more effectively. It’s a great step forward in creating a financial services sector that is focused on what’s best for the customer, rather than what’s best for the banks," said Hinrikus.

"Because of this we can fully launch our service in Singapore. That means people in Singapore finally have an alternative to the banks and remittance companies.”

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