Corporate payment solutions provider WEX said it will start issuing virtual credit cards in Singapore, marking the expansion of its program in the Asian region that presently includes Thailand and Hong Kong.
WEX’s single-use virtual credit card (VCC) technology, assigns every transaction a unique card number, and provides companies with additional controls for security.
Additionally, the VCC technology can deliver efficiencies by reducing reconciliations, queries and invoice processing.
“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.”
WEX’s subsidiary, WEX Finance Inc., was granted an issuing license by the Monetary Authority of Singapore on 14 February 2017 which enables it to issue credit and charge cards in Singapore under the Banking Act.