IMAGE: Wise
Wise (formerly known as TransferWise) is a London-headquartered fintech company transforming how people and businesses move money across borders. It may appear deceptively simple on the surface—send money internationally, fast and cheaply—but under the hood, it’s powered by a sophisticated mix of deep tech disciplines that drive efficiency, security, compliance and global scale.
With 15.3 million customers and an infrastructure that moved £120 billion last year, Wise is redefining how individuals and businesses navigate international money transfers.
Samarth Bansal, general manager of Wise Platform for APAC at Wise, shared a transformative vision for the future of cross-border payments and outlined how Wise is reshaping the global financial landscape through technology, partnerships, and an unwavering commitment to transparency and efficiency.
The genesis of Wise: Solving a universal pain point
Wise, founded 14 years ago, was born from the frustration of inefficient cross-border banking. Bansal recounted the company’s origins: “Our founders found it incredibly hard to move money between currencies like GBP and EUR—banks were slow, costly, and buried customers in paperwork.” This inspired Wise to build a peer-to-peer platform focused on transparency, low costs and speed.
By securing over 65 licenses worldwide and connecting directly with local payment rails, banks, and regulators, Wise created a robust infrastructure. Today, 66 per cent of its £120 billion in annual transactions are completed in under 20 seconds.
Multicurrency accounts and debit cards, operating at mid-market exchange rates, empower users—from students to small businesses—to manage global finances effortlessly. “We’re driven by a mission to make money movement as close to free and instant as possible,” Bansal emphasised.
Partnering with banks: A strategic shift
Bansal revealed a surprising trend: traditional banks began referring customers to Wise for cross-border payments. “Banks were asking customers to download Wise, complete KYC, and send money through us,” he said. This prompted Wise to investigate why banks, equipped with SWIFT, were relying on a fintech platform.
The answer lies in the inefficiencies of legacy correspondent banking networks, designed for domestic markets and ill-suited for low-value cross-border payments. Wise’s optimised infrastructure offers a solution, enabling banks to integrate its services and deliver a superior remittance experience. “Partnering with us allows banks to focus on their customers while we handle the complexity of global payments,” Bansal said.
Wise’s partnerships span Standard Chartered in Singapore, Malaysia, and Hong Kong; Mandiri in Indonesia; Shinhan Bank in South Korea; and GMO in Japan, alongside global players like Monzo, N26, Morgan Stanley, Nubank, and Itau.
While neobanks were early adopters, traditional banks are increasingly embracing collaboration. “Banks now see that building this in-house is costly and complex—partnering is the smarter path,” Bansal observed.
Technology as the backbone of efficiency
Wise’s technological innovation, described vividly by Bansal, a chemical engineer by training, underpins its success.
The company leverages automation and AI to drive costs down and speed up transactions. On compliance, Wise conducts over 80 checks per minute using machine learning to detect bad actors while maintaining speed. AI also forecasts liquidity needs, ensuring instant payments by predicting, for instance, Singapore-to-Malaysia transfer volumes based on historical and external data like FX rates.
Additionally, AI automates manual interventions by supplementing incomplete payment instructions, reducing costs and delays.
“Technology doesn’t replace our people—it makes their work more impactful, freeing them to focus on creating value for customers,” Bansal said. Intelligent routing further optimises payment paths for the lowest cost, highest success rate, and fastest delivery.
Navigating regulatory complexity
Operating across jurisdictions is challenging, but Wise has turned this into a strength. With over 65 licenses, the company collaborates closely with regulators to align with local requirements and drive innovation.
Bansal highlighted Wise’s role as a direct participant in instant payment schemes like Europe’s instant payment systems, Singapore’s FAST, Australia’s NPP, and Japan’s Zengin. “Regulators are opening doors for non-banks to access instant clearing schemes, provided we meet a high bar for compliance and risk management,” he said.
This collaborative approach enables Wise to share best practices across markets, enhancing its regulatory agility. Investments in data privacy, fraud prevention, and compliance build trust, crucial for a platform managing £155 billion in customer funds.
The future of cross-border payments in APAC
Bansal sees APAC as a trailblazer in cross-border payments, driven by digitally savvy consumers and robust instant payment schemes. With 79 per cent of global customers expecting transfers in under an hour, APAC is poised to lead. “In the next three years, APAC will redefine instant cross-border remittances, setting a global standard,” Bansal predicted.
For SMEs, Bansal foresees a shift in expectations: “SMEs are starting to demand instant, low-cost invoice payments, unlocking capital efficiency and fueling their success.” Wise is also innovating with features like split payments for travellers and QR code payments at Singapore’s hawker centres, making cross-border transactions as seamless as domestic ones.
A call to action for banks and regulators
Bansal’s message to banks and regulators was unequivocal: embrace collaboration and transparency. For banks, cross-border remittances are now critical for customer retention. “If you don’t deliver seamless cross-border payments, you risk losing customer trust and their deposits,” he warned. Partnering with Wise enables banks to offer cutting-edge services without the high costs of in-house development.
To regulators, Bansal urged openness to non-bank innovation and a focus on consumer needs. “By championing transparency, regulators can empower customers to make informed financial choices, driving competition and progress,” he said.
As APAC leads the charge toward instant, low-cost remittances, Wise’s infrastructure and vision are shaping a future where money moves as effortlessly as information. For banks, fintechs and regulators, Bansal’s call is clear: collaborate, innovate, and prioritise the customer to thrive in this dynamic landscape.
