TransferWise has successfully obtained a remittance license from Bank Negara Malaysia (BNM).
With this license, TransferWise will launch remittances from Malaysia in 2019. Prior to the license TransferWise customers can send money to Malaysia, but not from. With the launch of this license, TransferWise customers will soon be able to move money from Malaysia to 71 countries at current market exchange rates
The license allows TransferWise customers in Malaysia access to the eKYC (electronic Know Your Customer) checks, instead of having to fulfill KYC requirements face to face. That means customers can open an account by submitting documents online via the TransferWise app or website instead of a physical branch.
Launched in 2011 and headquartered in London, TransferWise aims to make international money transfers instant, convenient, transparent and eventually free. Globally, it handles £4b (S$7b) in cross-border transfers every month for its 5 million customers.
In the UK, it is reportedly the second biggest player, with a market share of 15%. At the last investment round in May 2019, TransferWise was valued by investors at US$3.5b (S$4.8b).
TransferWise now sends money from 43 countries, of which 3 are in Asia; namely Singapore, Japan and Hong Kong. Malaysia will be the fourth.
In the past year, the top 5 sources of remittances to Malaysia by TransferWise customers were (by volume, from highest): Australia, the United Kingdom, Singapore, the United States and the Eurozone.
Featured image credit: Pexels
