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June 28, 2022
Finance Technologies

TransferWise nabs Australian banking licence from APRA

The Australian Prudential Regulation Authority (APRA) has granted European fintech TransferWise a restricted banking licence. Kristo Käärmann, TransferWise co-founder and CEO With the licence, TransferWise can connect directly to the country’s real-time payment system. Its official designation is that of an “authorised deposit taking institution”. Australia’s payments platform is only available to those with the licence. Non-banks must access it through intermediaries. Kristo Käärmann, TransferWise CEO, took to social media following the news. “Our limited banking license came into effect today in Australia,” he writes. “Does that mean we’re becoming a bank? No. “Your deposits are safe, we’re not going…
TransferWise nabs Australian banking licence from APRA

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