Wise Granted CMS License to Launch Its New Investment Product
by Fintech News Singapore November 2, 2022Online money transfer service Wise has received a Capital Markets Services license from the Monetary Authority of Singapore (MAS), allowing it to bring its new investment product to the country.
The announcement, which was made at the Singapore Fintech Festival, comes after Wise was granted a similar license from the Estonian Financial Supervision and Resolution Authority last week.
Wise says that it holds £6.8 billion in account balances globally, but its new investment product, Assets, is currently only available in the United Kingdom where the company is headquartered and listed.
Assets gives Wise business and personal customers more choice about how their money is held, and potentially earn a return on their money in over 50 currencies.
Unlike money held in traditional investment accounts, Assets gives customers access to the majority of their money, meaning they can hold their balance in Assets, and still spend and send the money when they need it.
Nilan Peiris
“We’re excited to have secured the license as our first step towards bringing Assets to Wise customers in Singapore, making this the first location outside Europe where we’ll be offering this product.
Assets is something new we’ve built to give our customers more ways to manage their money, and we look forward to rolling this out to customers here.
This also reflects Wise’s continued commitment to Singapore, our APAC hub, where by year end we will have doubled in size to hit over 400 employees,”
said Nilan Peiris, Chief Product Officer, Wise.
