💨 Abstract

Wise, a global fintech company, has received conditional approval from the South African Reserve Bank (SARB) to operate in South Africa. This approval allows Wise to offer international money transfers to personal customers, leveraging its transparent fee structure and mid-market exchange rates. The move is strategic, targeting South Africa's active cross-border payment market. Additionally, Revolut, another London-based fintech, is seeking a full commercial banking license in South Africa.

Courtesy: Nick Pawson