As we continue to work to become the answer for companies looking to expand in a globalized economy, we are excited do announce an expansion of our virtual credit card (VCC) program in Asia, adding Singapore to our Asia-Pacific region which currently includes Hong Kong and Thailand.
WEX Expands into Singapore
Announced in a press release on 2 April 2017, the VCC solution will provide additional security and reduced costs for companies by assigning a unique card number that reduces the amount of reconciliations and queries, making invoice processing easier. This comes after the WEX subsidiary WEX Finance Inc. was granted an issuing license by the Monetary Authority of Singapore on 14 February 2017, allowing for compliance when offering credit and charge cards under Singapore’s Banking Act.
“We are proud to have achieved this important milestone to support the growth of the WEX virtual product in the Asia Pacific region. Singapore is an important market for us and coupled with the fact that it is a global financial centre, this endorsement marks our commitment to the region,” said Jim Pratt, SVP and GM for Virtual Payments, WEX Inc.
“Obtaining an issuing license in Singapore is a tangible demonstration of our commitment to growing our issuance capabilities in Asia.” said WEX’s Managing Director for Asia Pacific, Jeff Ames from WEX’s regional headquarters in Singapore. “WEX’s continued focus on providing increased access to new markets in in Asia, and globally, positions us strongly and enables us (WEX) to better support our customers.”
More about WEX Virtual Payments Solutions
Virtual payments make it easier than ever to improve revenue and efficiency with one of the most trusted names in the payments industry—WEX. Designed for travel, insurance, media, and more, WEX virtual payments solutions allow access to fast and secure payments to suppliers in over 190 countries.
Learn more about easier payments by reading some of the following resources:
- Infographic: How Much Time Does Handling Payments Take Up?
- Infographic: Challenges of Cross-Border and Foreign Currency Payments for Suppliers
- Fact Sheet: Transform Supplier Payments
Get in contact with us to learn more.