KUALA LUMPUR: London-based online money transfer service TransferWise Malaysia Sdn Bhd, which launched its operations in Malaysia on Nov 21, 2019, is rebranding to Wise together with the appointment of Lim Paik Wan as the local country manager.
The company is bolstering its Malaysia presence with Lim on board, who will be responsible for leading and expanding Wise's presence and growth in the country.
"I am excited to be a part of the team working towards the Wise mission — to make cross-currency payments as fast, easy, transparent and cheap as possible.
"Based on a recent survey that we commissioned, we know that 50 per cent of Malaysians are keen to save on remittance costs and 57 per cent would appreciate transfers reaching its recipients more quickly, and we are determined to meet their concerns," she said in a statement today.
"We are also thrilled to expand the availability of international money transfer services to foreign workers, who can also benefit from a low-cost, secure and completely online option for their remittance needs," she said.
Originally launched in 2011 as a money transfer service for people, the company has expanded to build a cross-border payments network helping to make international banking cheaper, faster and more pleasant for its 10 million customers.
The company processes £4.5 billion (RM25.2 billion) in cross-border transactions every month, with customers saving themselves a total of approximately £1 billion (RM5.6 billion) a year compared to making the same transaction with their bank.
The money transfer service, now a feature of the Wise account, is one of the cheapest and easiest ways to send and receive money around the world at up to 4 times cheaper than banks.
Foreign workers in Malaysia can now also use Wise to send remittances back home to their family members' bank accounts and e-wallets without paying costly fees and markups by other service providers — saving money which can stay in their pockets or go towards sending a bigger remittance volume.
As a profitable, sustainable company with a long history, Wise is here to serve Malaysian consumers for years to come.