LONDON — Online money transfer service TransferWise is launching a new regional hub in Singapore.
The fintech business announced on Thursday that it is opening a new office in Singapore that will act as a hub for the Asia-Pacific region. TransferWise hopes to have 30 employees based there by the end of the year.
Taavet Hinrikus, CEO and cofounder of TransferWise, said in an emailed statement: "It made perfect sense for TransferWise to choose Singapore as our APAC hub. The region is important for us as we expand globally, bringing our service to everyone in the world that transfers money internationally."
Singapore has been actively trying to promote itself as a regional hub for fintech in Asia, with regulator the Monetary Authority of Singapore (MAS)