The Singapore office will serve as the head office of the company's Asian and Pacific region, supporting its goal to expand and grow in the region, Transferwise reported in a company press release.

Transferwise currently employs 650 people in nine office around the world, including in Singapore, Sydney and Tokyo.

Transferwise is also one of the first companies to be granted by the Monetary Authority of Singapore (MAS) the right to use online identification in opening accounts and conducting transactions, thus allowing customers the opportunity to make transfer from Singapore to other countries via Transferwise.

Transferwise currently mediates over one billion euros' worth of money transfers per month, saving its customers a total of more than €1.5 million daily.