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The tech company has created a cross-border network that works to meet international banking needs for people, businesses and banks Bolstering of local team with appointment of country manager, Ms Lim Paik Wan Money transfer availability expanded to foreign workers in Malaysia TransferWise today announces its rebranding to Wise [1] , and the appointment of local country manager Ms Lim Paik Wan. Originally launched in 2011 as a money transfer service for people, the company has expanded to build a cross-border payments network helping to make international banking cheaper, faster and more pleasant for its 10 million customers. The company processes £4.5 billion (RM25.2 billion) in cross-border transactions every month, with customers saving themselves a total of approximately £1 billion (RM5.6 billion) a year compared to making the same transaction with their bank. The money transfer service, now a feature of the Wise account, is one of the cheapest and easiest ways to send and receiv

48% had to reduce remittance amount sent 35% completely gave up on sending remittances Not being able to make transfers at physical bank branches, long wait times to set up transfers and for remittances to reach recipients were other top challenges for Malaysians A whopping 50% of Malaysians find the high cost associated with remittances to be a challenge, with almost half (48%) reducing the amount sent and more than one-third (35%) completely giving up on sending a remittance. These findings were from a survey [1] commissioned by global technology company TransferWise to better understand how the COVID-19 pandemic has affected the remittance habits of those living in Malaysia. The survey also revealed these four biggest challenges faced by Malaysians in the past 12 months: Time needed for remittances to reach the intended recipients (57%) Not being able to travel to a physical branch to make a remittance order (54%) Time needed to set up their transfer (51%) High cost of remittances