TransferWise initiates online verification in Singapore

U.K.-based TransferWise has enabled online customer verification at its new Asia Pacific base in Singapore, so users need not visit an office to set up an account with TransferWise's cross-border funds-transfer service.

TransferWise said it worked alongside the Monetary Authority of Singapore to enable online customer verification at its new hub there. Singapore’s government in recent years has moved to encourage local fintech development.

“Online verification not only makes it easier and more convenient for the customer, it also provides better protection as it means that companies can tackle financial crime more effectively,” said Taavet Hinrikus, TransferWise’s CEO, in a recent blog post.

TransferWise, which launched in 2010, reaches key international markets including the U.S. and will support its operations in Australia and Tokyo through its Singapore office, according to the company.