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TransferWise Expands Money Remittance Service to Singapore

  • London-based startup picks Singapore as Asia Pacific hub
  • Co. plans to start remittance service in Hong Kong this year

TransferWise Ltd., the London-based startup backed by investors including Peter Thiel’s Valar Ventures and Andreessen Horowitz, is bringing its international money transfer service to Singapore, aiming to shake up banks’ dominance of the market.

By using TransferWise, consumers in Singapore will be able to send money overseas at a cheaper cost than using banks because it offers better exchange rates, according to co-founder Taavet Hinrikus. The company’s fees range from 0.5 percent to 1 percent and it will work with DBS Group Holdings Ltd. to access local payment networks.