Wise (LON:WISE) has been integrated into the digital banking firm in Hong Kong ZA Bank.
According to a note from ZA bank, the partnership between the two firms is the first bank in Hong Kong to provide money transfers with no exchange rate mark up. It is also the first digital banking partner for Wise in East Asia.
Wise has grown due to its low friction process and transparent exchange rates that do not incorporate hidden fees, which is frequently the case for its competitors. Wise also offers other services in other countries it operates, and in many ways, is similar to a neobank.
Wise will power international transfers from HKD to 14 different currencies, including USD, GBP, AUD, CAD, SGD, and others.
Calvin Ng, Alternate Chief Executive and Co-Head of Retail Banking at ZA Bank, commented on the partnership:
“We are delighted to partner with Wise, the UK-listed global tech company specialised in cross-border transactions, and become its first Hong Kong banking partner to launch this splendid experience. We always understand that high fees and low transparency are users’ common pain points in remittance. As the industry Game Changer, we successfully tackle these problems and now offer a hassle-free service to users, without worrying about any FX markup, hidden charges and transfer progress. We believe that the combined strengths of ZA Bank and Wise will bring users unrivalled service and convenience. We are looking forward to enriching our offerings in the era of ‘Banking 2.0’.”
Regional Head of Wise, Regional Head, Wise Platform, Vinay Palathinkal, explained the partnership with the Hong Kong Fintech takes themanother step towards their mission of making the movement of money faster and less expensive:
” We’re thrilled to have ZA Bank onboard as our first partner in Hong Kong, which would enable millions of more Hongkongers access faster, cheaper international transfers from HKD,” said Palathinkal. “Though an email can travel around the world in a matter of seconds, moving money internationally is still incredibly cumbersome, slow and expensive. Wise and ZA Bank have a shared vision to change the status quo and provide a fairer, more transparent banking experience for everyone.”
Globally, Wise Platform is currently integrated with more than 50 bank and non-bank partners.