From: FinTech Global
International transfer company TransferWise has secured a licence to operate in Australia from the Prudential Regulatory Authority.
TransferWise will now be able to provide purchased payment facilities, as a “limited authorised deposit-taking institution” and it will empower the UK-based FinTech to slash the costs of operating in Australia.
Next, TransferWise plans to follow up by applying for a settlement account with the Reserve Bank of Australia.
The news comes after TransferWise secured a $5bn valuation on the back of a $319m funding round in July and teamed up with Singaporean neobank Aspire.
TransferWise is later inked a deal with Australian neobank Up in August to give the challenger bank’s customers the power to more easily send money abroad in 48 different currencies without leaving the bank’s app.
Copyright © 2018 RegTech Analyst