Standard Chartered has partnered with Wise to leverage its foreign exchange infrastructure for faster, multi-currency transfers across Asia and the Middle East.
Under the agreement, Standard Chartered’s SC Remit customers in Asia and the Middle East can transfer money in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD and JPY.
Standard Chartered will implement Wise’s infrastructure using the Wise Platform API, enabling this enhanced experience for SC Remit customers over the next few quarters.
The partnership also plans for future expansions, aiming to increase both the number of supported currencies and the availability of this service in additional Standard Chartered markets.
Samir Subberwal, Global Head of Wealth Solutions, Deposits and Mortgages, and Chief Client Officer at Standard Chartered, said: “We’re continually improving how we deliver exceptional banking experiences for our clients. We chose to partner with Wise Platform due to their extensive currency coverage and stellar cross-border payments experience they are known for.
“This collaboration is a key step in enhancing our international payment services as we offer an even more seamless, faster, and efficient digital global payments experience to our clients.”
When listing the benefits of its platform, Wise reports that 63% of its cross-border payments are completed in under 20 seconds, supported by over 65 licenses and six direct connections to payment systems.
Additionally, Wise emphasises that platform partners benefit from access to a global engineering team, along with dedicated experts in implementation, compliance and 24/7 support.
Steve Naudé, Managing Director of Wise Platform, commented: “The partnership with Standard Chartered, one of the biggest global banks, marks a significant milestone in financial institutions investing in building better international payment experiences for customers.
“Wise and Standard Chartered share the same vision for creating frictionless payment experiences for customers, and we are thrilled to be working together to help SC Remit customers access fast, secure and low-cost international payments.
“With Wise Platform, Standard Chartered gains access to Wise’s global payments infrastructure, including our extensive licence network, six direct connections, payment operations expertise and proven capabilities in treasury management. All these enable us to deliver fast, secure and transparent payments around the world.”
Last month, the Financial Conduct Authority (FCA) imposed a £350,000 fine on Wise CEO Kristo Käärmann, citing that Käärmann violated a senior manager conduct rule by failing to disclose significant issues that were essential for evaluating his suitability and propriety in his role.
