SINGAPORE--(BUSINESS WIRE)--Apr. 2, 2017--
Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced that it will begin issuing virtual credit cards in
Singapore, expanding its program in the Asian region that currently
includes Hong Kong and Thailand.
WEX’s single-use virtual credit card (VCC) technology, assigns every
transaction a unique card number, and provides companies with additional
controls for security. Additionally, the VCC technology can deliver
efficiencies by reducing reconciliations, queries and invoice processing.
“We are proud to have achieved this important milestone to support the
growth of the WEX virtual product in the Asia Pacific region. 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,” said Jim Pratt, SVP and GM for Virtual Payments, WEX Inc.
“Obtaining an issuing license in Singapore is a tangible demonstration
of our commitment to growing our issuance capabilities in Asia.” said
WEX’s Managing Director for Asia Pacific, Jeff Ames from WEX’s regional
headquarters in Singapore. “WEX’s continued focus on providing increased
access to new markets in in Asia, and globally, positions us strongly
and enables us (WEX) to better support our customers.”
WEX’s subsidiary, WEX Finance Inc., was granted an issuing license by
the Monetary Authority of Singapore on 14 February 2017 which enables it
to issue credit and charge cards in Singapore under the Banking Act.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 10 million vehicles
and offering exceptional payment security and control across a wide
spectrum of business sectors. WEX serves a global set of customers and
partners through its operations around the world, with offices in the
United States, Australia, New Zealand, Brazil, the United Kingdom,
Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries
employ more than 2,500 associates. The Company has been publicly traded
since 2005, and is listed on the New York Stock Exchange under the
ticker symbol "WEX." For more information, visit www.wexinc.com
and follow WEX on Twitter at @WEXIncNews.
For more information about WEX Asia, please visit www.wexasia.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170402005007/en/
Source: WEX Inc.
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