WEX, a US-based provider of corporate payment solutions, is set to issue virtual credit cards in Singapore.
The latest move of WEX will expand its virtual credit card programme in the Asian region, which currently includes Hong Kong and Thailand.
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Recently, WEX Finance, a subsidiary of WEX, secured an issuing license from the Monetary Authority of Singapore, which allows the company to issue credit and charge cards in Singapore under the Banking Act.
WEX uses single-use virtual credit card (VCC) technology that allots every transaction a unique card number, and offers companies with added controls for security.
Furthermore, the VCC technology is capable of providing efficiencies by reducing reconciliations, queries and invoice processing.
WEX senior vice president and general manager for virtual payments Jim Pratt said: “We are proud to have achieved this important milestone to support the growth of the WEX virtual product in the Asia Pacific region.
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By GlobalData“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.”
