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Wise Teams Up with Tencent Financial Technology to Streamline Global Money Transfers to China via Weixin crowdfundinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crowdfundinsider.com Daily Mail and Mail on Sunday newspapers.
UK-based financial technology (fintech) group TransferWise, which changed its name to Wise last week under a global rebranding, is seeking organic expansion in Malaysia. The group, whose name change comes ahead of an expected listing in London later this year, has been operating its online money transfer business in Malaysia since November 2019. In a bid to bolster its presence and growth, it recently appointed a country manager for Malaysia. “Mergers and acquisitions are not our priority,” Lim Paik Wan, the newly appointed country manager for Wise Malaysia, tells The Edge when asked if the group planned to expand via M&A. ....
Digital Banking: More than 40 Parties Submitted Virtual Banking License Application in Malaysia, Reserve Bank Reveals During a recently-held online press conference, Bank Negara Malaysia Governor, Datuk Nor Shamsiah Mohd Yunus stated that more than 40 parties have formally expressed their interest with the reserve bank to acquire a digital banking license (by submitting an online application). Malaysia’s virtual banking framework was released in December of last year. It’s now expected that the regulator will be issuing up to 5 operational licenses, which will be granted by the first quarter of 2022. The updated digital banking framework which had gone through a 6-months consultation period has been viewed as a positive move by local industry participants, with some analysts referring to it as the “best of breed” in balancing the requirement for innovation while maintaining financial stability in the Southeast Asian country. ....