Mox has partnered with Wise Platform in order to launch low-cost and transparent international payments.
Wise (LSE:WISE) confirmed in a blog post that it is launching its new collaboration with Mox Bank Limited, a virtual bank in Hong Kong.
With this integration, Mox customers can now “access low-cost, transparent and lightning-fast global money transfers, directly from their Mox app.”
Powered by Wise Platform, Mox customers will be “able to make international payments using Mox’s Express Remit service to send HKD to 10 currencies, including AUD, CNY, EUR, GBP, IDR, INR, JPY, PHP, SGD and USD.”
Wise Platform is Wise’s infrastructure offering, which “lets banks, enterprises and fintechs access our world-leading global payments network, so they can bring low-cost and fast cross-border payments to their customers.”
Integrations like this broaden access “for more people to enjoy the speedy and affordable international money transactions that Wise is known for — all happening seamlessly within a platform or app that they’re already familiar with.”
Over 60% of transactions processed on Wise “are instant (arriving in less than 20 seconds), and 81% within an hour. In contrast, cross-border money movement through traditional methods is typically slower, involving high charges and hidden fees.”
Partnering with Wise Platform enables Mox “to leverage easy-to-use APIs to offer an affordable, transparent and fast experience for users.”
Their dedicated Wise Platform delivery team also “supported Mox through the build and development of Express Remit to ensure the best possible experiences for their customers.”
In joining forces with Wise Platform, Mox is also “sharing Wise’s advocacy for transparency in foreign exchange by adopting transparent pricing and exchange rates for its Express Remit service.”
Jayant Bhatia, Chief Product Officer of Mox, said:
“Reimagining banking services is a key driver of our innovation. With Express Remit, we enhance our customer experience by removing traditional barriers to remittance and making global money transfers cheaper, faster, secure and trackable, all within our refreshed Mox app.”
Bhatia adds:
“With user-friendly remittance functions on our app including currency trends and currency pairs, our aim is to offer unparalleled convenience and peace of mind to our customers, elevating the banking experience and customer satisfaction for our valuable users. We have now made global money transfers as easy and simple as a local money transfer.”
Samarth Bansal, General Manager, Asia Pacific, Wise Platform, said:
“At Wise, our mission is to make moving and managing money faster, cheaper and more transparent for everyone, everywhere. Mox Bank and Wise share a common vision to modernise the global financial system, and we’re delighted to team up to enable better international payments for even more people and businesses in Hong Kong. We continue to deepen our client base in Hong Kong.”
He further adds:
“By integrating Wise Platform, large companies and banks like Mox can leverage Wise’s infrastructure to integrate cross-border money movement capabilities seamlessly; building international money movement experiences for themselves, their customers and businesses.”
Wise Platform works with banks, financial institutions and businesses, across the world, allowing them to leverage Wise’s technology “to embed the best way to send, receive and manage money internationally.”
