TransferWise Launches Service in Hong Kong
- Jul 09, 2018
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Fintech unicorn, TransferWise, launched its money transfer services in Hong Kong last week, giving it a major foothold in Asia as part of the company's ongoing international expansion.
According to co-founder and CEO Mr Kristo Käärmann the launch came as a timely move amid Hong Kong's commitment to boost fintech development. "We're excited to launch our service in Hong Kong and introduce a product that is cheaper, faster, and fairer for people and businesses here. The Hong Kong dollar has long been a highly requested currency at TransferWise, so we're happy to be able to open this to everyone," he said.
TransferWise operates on the concept of matching up transfers with other people on the digital platform. It uses the mid-market rate, which is only a fraction of the rates used by traditional currency transfer operators. TransferWise states that it is, on average, five to ten times cheaper than sending money with a bank.
The company has already been able to drop prices for customers transferring money from Hong Kong by more than 20 per cent, Mr Käärmann said.
"Over 3 million people across the world use TransferWise as a fair and easy way to manage their money across borders. Hong Kong represents a key market for TransferWise. Over 4 per cent of Hong Kong's population are foreigners, and many Hongkongers are living in other parts of the world. Hong Kong also has a long, rich history as a world leading economy and home of international commerce."
TransferWise opened its Singapore office in April last year and also has an office in Tokyo.