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Wise has obtained a CMS license from MAS, allowing it to offer its latest investment products to Singapore.Licensing News Announced for 2022 Singapore Fintech FestivalThe news is significant as the company looks to expand its global offerings.
The news comes a week after Wise received a similar investment license. Previously acquired licenses Estonian Financial Supervision and Settlement Agency (Ministry of Finance).
Wise’s new investment product, Assets, aims to give clients more choice in how they keep their money. Assets, currently available to UK customers, could potentially reward customers for their money in over 50 currencies.
This investment account has differentiated itself from traditional bank offerings. This was accomplished by allowing most of the money to be used to transfer money. This means that customers who might shy away from traditional investment accounts will still have access to investment options.
Niran PeirisWise’s Chief Product Officer spoke about what it means to be licensed. he said:
Assets is a new thing we built to give our customers more ways to manage their money and we look forward to rolling this out to our customers here. It reflects our continued commitment to our hub, Singapore. [the end of the year] It doubles in size to accommodate 400+ employees.
Following the September mini-budget introduced by the current former Treasury Secretary Kwasi Kwarten, Pound experienced significant turmoil. Pound strength weakened to a record low of $1.035 to the dollar. Since the end of October, it has been consistently above $1.10, but Rise was asked to raise the price.
Mr. Wise said in October that higher foreign exchange volatility led to higher costs. Because of this, the company said the average fee for customers to move money has risen to 0.64%.
People and businesses hold 6.8 billion in Wise account balances around the world. Wise explained that it aims to create a more convenient experience for everyone who sends, holds, and receives money in multiple currencies. , also plans the possibility of providing a return on the client’s funds.
