TransferWise sets up Asia-Pac hub in Singapore

TRANSFERWISE, a remittance start-up valued at more than US$1 billion, on Thursday said Singapore will be its Asia-Pacific hub, with the firm already having offices in Sydney and Tokyo. The company expects to have 30 people in Singapore by the end of 2017.

This comes as it launched its international money transfer service in Singapore via online verification.

CEO and co-founder of TransferWise, Taavet Hinrikus, said in a media statement: "The region is important for us as we expand globally, bringing our service to everyone in the world that transfers money internationally.

"Singapore is the perfect location to grow our team here. The Monetary Authority of Singapore have demonstrated their commitment to making Singapore a place where fintech companies can flourish and we're excited to be part of that."