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Global payments platform Wirex has revealed open banking platform Railsbank as its new Visa card issuer for the firm’s Asia-Pacific (APAC) customers.

The collaboration means the firm will look to further boost its rapidly-growing customer base in the Asia Pacific region. 

Existing Asia Pacific customers of Wirex Visa cards have been automatically migrated to the Railsbank technology platform, which means they can continue using Wirex’s services as normal.

Pavel Matveev, CEO and co-founder of Wirex, explained how he believes that entering a new partnership with Railsbank represents a great step forward for the platform’s growth. 

He said: “Wirex’s strategic partnership with Railsbank allows us to continue empowering our customers to buy, hold, exchange and spend multiple currencies – both traditional and digital.”

The firm was boosted by Railsbank achieving an efficient migration of under 45 days, including extensive testing, during COVID-19 lockdowns and restrictions, working remotely, but collaboratively with the Wirex team. 

It was a global effort, with the Wirex project manager based in Ukraine, the compliance team in the UK and Singapore, and its processor in the US.

Wirex has experienced considerable growth recently, reaching three million users globally. Expansion in Asia Pacific is focused on providing additional functionality and expansion into new countries. The partnership with Railsbank is key to delivering this growth.

Louisa Murray, Head of Sales at Railsbank, added: “We’re delighted to lead the Wirex migration and especially pleased that it took less than 45 days to complete. Fintech companies from all over the world are migrating to Railsbank. We look forward to working closely with Wirex over the coming months.”

Railsbank is headquartered in London and has offices in Singapore, the US, Australia, Lithuania, Munich, the Philippines, Vietnam and Sri Lanka.