Standard Chartered Bank has entered a strategic partnership with Wise, a fintech company known for its efficient cross-border payment solutions. Through this collaboration, Wise Platform will power SC Remit, Standard Chartered’s cross-border payment service, providing customers with rapid, cost-effective international transfers.
Key Features of the Partnership
Wise Platform is a robust global payments infrastructure designed to integrate with banks and financial institutions, enabling them to offer transparent, low-fee, and near-instant international payments. SC Remit customers in Asia and the Middle East will be able to transfer funds in 21 different currencies—including USD, CAD, EUR, GBP, SGD, HKD, and JPY—using Wise’s signature real-time payments technology.
Samir Subberwal, Standard Chartered’s Global Head of Wealth Solutions and Chief Client Officer, noted that the decision to partner with Wise stems from their extensive currency support and streamlined cross-border payment capabilities. “This collaboration is a key step in enhancing our international payment services as we offer an even more seamless, faster, and efficient digital global payments experience to our clients,” Subberwal said.
What Wise Brings to SC Remit Customers
Wise, originally launched in 2011 as TransferWise, has a well-established track record in the global payments sector. Its platform supports direct consumer money transfers and offers a multi-currency account that allows users to hold balances in 50 currencies and transact in 22. Wise holds over 65 payment licenses worldwide and maintains six direct connections to payment systems, allowing for efficient processing of global transactions.
Through Wise Platform, Standard Chartered customers will be able to enjoy cross-border payments with 63% of transactions completed in under 20 seconds and 95% processed within 24 hours. The platform’s API integration will enable SC Remit to provide its clients with a straightforward way to make international transfers, supported by Wise’s extensive reach of 40+ currencies in 160+ countries.
Expanding Access to Low-Cost, Rapid International Transfers
The demand for seamless cross-border payments has surged with the rise of e-commerce, remote work, and global trade. Traditional financial institutions and fintechs are now under pressure to offer faster, more affordable options for international transactions to meet these evolving needs.
This renewed focus on low-cost cross-border payments has also been fueled by the rise of stablecoins and digital currencies. However, unlike many digital payment providers exploring stablecoin solutions, Wise currently operates without blockchain or stablecoin integrations, favoring a compliance-focused, transparent approach.
Looking Forward: The Future of SC Remit
Standard Chartered’s cross-border payment service is expected to go live for SC Remit customers in select markets in the coming quarters, with plans to expand to additional currencies and regions. As Wise processes approximately $154 billion (£118 billion) annually, its collaboration with Standard Chartered is set to reshape how customers manage international transfers, making global banking faster, more accessible, and transparent.
In a world where digital and cross-border payment solutions are becoming integral to business and personal finance, this partnership positions Standard Chartered and Wise as leaders in the future of digital banking.
