Wirecard has become the first non-financial institution in Singapore to receive a prepaid cards issuing licence from Visa.
Wirecard said that it will use the license to bring a suite of its own products to the market including virtual B2B payment cards, multi-currency travel and mobile payment solutions.
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The company added that it will offer end-to-end services to program managers, who want to manage their prepaid programs by themselves, and other players on the market with white label and cobranded solutions.
Wirecard Singapore EVP global financial services Grigoriy Kuznetsov: "We are really pleased to enter into this strategic partnership with Visa for Singapore and larger Asia Pacific region. We are the only player on the market today in Singapore capable of issuing cards for mobile and contactless payments as well as providing BIN sponsorship and processing services for white label prepaid programs.
"We are more than just a Visa member, but are also acting as a technology provider and therefore being in a position to deliver a holistic solution to our potential clients."
Visa Asia Pacific head of products TS Anil said: "By leveraging the Visa Developer platform to open up our APIs and collaborating with Wirecard, we are making it even easier for innovators and FinTech companies to create new and more secure ways to pay."
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By GlobalData
