Isabel Ridad Takes Helm at Wise Pilipinas Amid Philippines Strategic Expansionby Fintech News Philippines February 5, 2024
Wise, the UK-based fintech organisation formerly known as TransferWise, has expanded its operations into the Philippines, introducing Wise Pilipinas. This development marks an extension of Wise’s international presence, particularly in Southeast Asia.
Isabel Ridad, founder of Monetize, has been appointed as the Independent Director and Chairman of Wise Pilipinas, bringing her experience in the fintech sector to the role.
Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, Wise has made strides in facilitating cross-border payments. The company serves over 16 million users globally, handling approximately nine billion pounds in transactions each month. Wise’s services enable users to manage money in over 40 currencies across more than 80 countries, offering a comprehensive solution for international financial transactions.
With its operations in the Philippines officially kicked off on September 20, 2023, Wise Pilipinas says it operates in compliance with local regulations. This includes the application of a value-added tax on transaction fees for users with a Philippine registered address, adhering to the financial laws of the country.
Isabel Ridad’s appointment to Wise Pilipinas is notable for her background in leading Monetize, a fintech company aimed at aiding the SME sector with its AI Business Assistant, Nexa. Monetize provides a broad range of SME digital business services, including accounting, expense management, tax, and payroll.
Additionally, Ridad’s role in securing significant funding for PayMongo during its Series B funding round and her continued involvement in the fintech industry through various board and advisory positions underscore her expertise and influence.
The launch of Wise Pilipinas represents a significant step in Wise’s efforts to enhance its global service offerings. Under the guidance of Isabel Ridad, Wise aims to contribute to the financial services landscape in the Philippines, facilitating efficient and compliant cross-border financial transactions for its users in the region.
Featured image credit: Edited from freepik