Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) has partnered with Wise, the global technology company, to provide a faster and more cost-effective way for users to deposit money into their trading accounts via the moomoo application. Moomoo Singapore, an all-in-one brokerage that allows users to invest in multiple markets, will now offer its users the option to deposit via Wise, enabling them to convert their local currency to Singapore Dollars at the real mid-market exchange rate, free from hidden fees and mark-ups.
The integration, powered by Wise Platform’s APIs, will allow Moomoo Singapore users to save more money on transfer fees when initiating a deposit through Wise. Within the platform, users can select ‘Transfer via Wise’ and have the option to fund their deposits through Wise Balance or Bank Transfer through Wise. Users can also see the single, upfront fee and the real mid-market exchange rate before making the transaction.
Gavin Chia, Managing Director of Moomoo Singapore, said: “Our partnership with Wise will enable both existing and new Singapore moomoo users access to fast transfers and lower transaction fees, allowing them to take advantage of timely trades and better manage their wealth. We look forward to working closely with Wise to offer a smarter, faster and more reliable experience for our users.”
Dan McCarthy, Head of Partnerships, Asia Pacific, Wise Platform, added: “Wise and Moomoo Singapore have a shared goal to provide a fairer, more transparent investing experience for everyone. We are thrilled to partner with Moomoo Singapore to provide users with greater visibility and control over their personal finances.”
Wise Platform is already live with more than 60 banks and businesses across the world, offering a low-cost and fast cross-border payments infrastructure for their customers.
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