Wise has partnered with Tier 1 global bank Standard Chartered to utilize its platform for cross-border remittances in Asia and the Middle East.
This collaboration will enable Standard Chartered’s SC Remit customers in these regions to send money in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD, and JPY, within seconds while receiving the mid-market rate without any markups.
The integration of Wise’s infrastructure through the Wise Platform API will enhance the SC Remit experience for customers, with plans for further expansion in both the number of supported currencies and the markets in which Standard Chartered operates over the coming quarters.
This is not the first partnership between Wise and Standard Chartered; they previously teamed up in March through Mox, the digital bank based in Hong Kong.
Samir Subberwal, global head of wealth solutions, deposits and mortgages, and chief client officer at Standard Chartered, stated: “We chose to partner with Wise Platform due to their extensive currency coverage and stellar cross-border payments experience. This collaboration is a key step in enhancing our international payment services, offering a seamless, faster, and more efficient digital global payments experience for our clients.”
With over 65 licenses and six direct connections to payment systems, Wise completes 63% of its cross-border payments instantly, often in under 20 seconds.
While many larger banks have been cautious about collaborating with Wise, often due to the company’s previous criticism of the banking sector, the deal with Standard Chartered highlights a more straightforward approach for the global banking community. Some banks, like HSBC, have sought to compete directly with Wise by launching their own alternatives.
Following the announcement of this partnership, Wise’s share price increased by as much as 6.4% in London on Monday morning.
Steve Naudé, managing director of Wise Platform, expressed, “The partnership with Standard Chartered, one of the largest global banks, marks a significant milestone in the effort to improve international payment experiences for customers. Both Wise and Standard Chartered share a vision of creating frictionless payment experiences, and we are excited to work together to provide SC Remit customers with fast, secure, and low-cost international payments.”