Taavet said that TransferWise has been working on the Japan launch “for a couple of years” behind the scenes, building a local team and getting the necessary regulatory nods, techinasia.com reports.
The service’s users, made up of businesses and individuals, transfer USD 1 billion in cash each month. With better rates and lower fees than the banks and many other such services, the startup claims it saves its users USD 1 million per day.
TransferWise initially focused on Europe before expanding to the US and Australia in 2015. The Asia push will continue soon, with New Zealand coming next and Singapore and Hong Kong “following” later, Taavet stated.
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