Wise has signed Tier 1 global bank Standard Chartered to use its platform for cross-border remittances in Asia and the Middle East.
The partnership will allow Standard Chartered’s SC Remit customers in Asia and in the Middle East to send money in 21 currencies including USD, CAD, EUR, GBP, SGD, HKD, JPY in a matter of seconds, with customers getting the mid-market rate with no markups.
Standard Chartered will integrate Wise’s infrastructure through the Wise Platform API to provide this experience to SC Remit customers over the coming quarters, with a further expansion on the horizon both in the number of currencies supported as well as more markets where Standard Chartered operates.
Standard Chartered has past form with Wise, having entered into a partnership in March through Mox, its digital bank based in Hong Kong.
Samir Subberwal, global head, wealth solutions, deposits and mortgages, and chief client officer, Standard Chartered says: “We chose to partner with Wise Platform due to their extensive currency coverage and stellar cross-border payments experience they are known for. This collaboration is a key step in enhancing our international payment services as we offer an even more seamless, faster, and efficient digital global payments experience to our clients.”
With 65+ licences and six direct connections to payment systems, 63% of Wise’s cross-border payments are completed instantly, under 20 seconds.
The bigger banks have generally shied away from Wise following years of bank-bashing by the company. While some, like HSBC, have tried to take on the vendor with their own equivalent platform, the deal with Standard Chartered demonstrates a simpler path to least resistance for the global banking community.
Wise’s share price rose as much as 6.4 per cent in London on Monday morning following the news.
Steve Naudé, managing director of Wise Platform states: “The partnership with Standard Chartered, one of the biggest global banks, marks a significant milestone in financial institutions investing in building better international payment experiences for customers. Wise and Standard Chartered share the same vision for creating frictionless payment experiences for customers, and we are thrilled to be working together to help SC Remit customers access fast, secure and low-cost international payments.”