Wise to suspend e-wallet operations in ID

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Global financial tech company Wise will suspend its app’s e-wallet features in Indonesia effective 23 May 2024. This means that Wise users will be unable to receive or add money to their local accounts.

The expected disruption is because Wise has not obtained the relevant license from Indonesia’s central bank, according to a report by The Daily Social.

Such a license is required to provide electronic money offerings under the 2018 Bank Indonesia regulation.

Don't miss: Financial tech company Wise launches in Indonesia with brand new look

However, the remittance services will continue to remain accessible to Indonesian users, said a representative from Wise in conversation with MARKETING-INTERACTIVE.

Wise is aware of the inconvenience but will be committed to offering the full experience for its Indonesian customers again, said Elian Ciptono, Wise’s country manager for Indonesia to Tech In Asia.

MARKETING-INTERACTIVE has reached out for more information.

News of its e-wallet services being suspended comes shortly after it became live in Indonesia with Bank Mandiri, the country's largest bank by assets, as its first partner last year.

Alongside its Indonesia launch, Wise also rolled out a new look to further push the company's mission of building a platform that is fast, convenient, cost-effective and global.

The new makeover features a bright green palette, a bold new font, and draws from global currencies, languages, alphabets and places around the world, according to a statement by Wise.

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