Andrew Anastasiou, the founder and CEO of the online banking platform WireWallet, recently announced that the company connected the Singapore dollar (SGD) for its users to utilize. The newly integrated currency means that WireWallet account holders in Singapore and globally can now send out the Singapore dollar directly from their accounts and avoid the high bank fees imposed by traditional Banks.
Until now, users of WireWallet wishing to send funds to Singapore had to send in USD or EUR, meaning that the currency exchange was completed on the side of the receiving Bank which saw charges of up to 4% extra to the beneficiary. Now, with the new connection WireWallet account holders can make the exchange within their WireWallet account and send Singapore dollars without paying inflated fees. Andrew Anastasiou told us that WireWallet's main goal is to minimize the historic swollen fees imposed by Banks when sending and receiving in non-local currencies and that all users should have the ability to send international wire transfers without surprise charges or inflated pricing to end-users. Andrew Anastasiou also told us that the Singapore dollar is only 1 of the many currencies being connected continuously and that Thai baht and Malaysian ringgit are also in the process of being activated.
Andrew Anastasiou also told us that Singaporean entities doing business in the European Union can also now open accounts with WireWallet and receive payments to their own virtual IBAN in their company name. This would mean that Singaporean businesses will have access to EU banking solutions without having to physically visit the bank to open the account, saving thousands of dollars in travel expenses as well as time.
In 2019, trade between Singapore and the European Union hit highs of $114B, of which $49B was from exports from Singapore to the EU, showing that the requirement for stable banking for Singaporean companies in Europe is clear. Businesses wishing to open accounts with WireWallet can visit the company's website and complete their registration digitally via the online portal where verification is also undertaken.
We also spoke with Andrew Anastasiou regarding WireWallet's current position as a result of the Covid-19 pandemic and it seems that the company has only gone from strength to strength, and played a major part in limiting the need for businesses to undertake physical actions when trying to send payments or open accounts. WireWallet reduced the need for physical compliance when opening accounts with the company, meaning that notarization and the requirement to have documents physically legalized by apostille was put on hold so that companies did not need to visit a Notary or Lawyer. WireWallet also reported a 17% increase in its revenue whilst at the same time decreasing the cost of account opening and usage for its customers, to further facilitate and alleviate some of the financial pressure on other businesses.