English fintech company Wise has introduced its “Wise Business” account in the Philippines to serve micro, small, and medium enterprises (MSMEs). This follows the entry of its “Wise account” and “Wise prepaid card” in the local market last year.
A survey commissioned by the company showed that nearly half of Filipino MSMEs continue to rely on traditional banks for international payments. With over 99 percent of businesses in the country falling under the MSME category, these enterprises were estimated to have lost about ₱39.5 billion in 2024 due to exchange rate markups.
Wise said the new account aims to address these costs by allowing MSMEs to send and receive payments in more than 40 currencies at mid-market exchange rates. Transactions are available in 24 currencies, including USD, EUR, GBP, and SGD, with over 70 percent of payments processed instantly.
The account also comes with a debit card that can be used for online and in-store purchases in more than 150 countries without additional foreign transaction fees. It integrates with accounting software such as Xero and QuickBooks to simplify invoicing, payroll, and supplier payments.
“Wise Business solves these challenges with one simple account to manage all their global payments efficiently,” said Areson Cuevas, country manager of Wise Philippines.
“Whether you’re a freelancer in Manila receiving payments from US clients or a startup in Cebu paying suppliers across Southeast Asia, Wise Business gives you the tools to grow your business globally.”
Wise is licensed by the Bangko Sentral ng Pilipinas and connected to InstaPay and PesoNet. The company currently processes about 12 percent of incoming personal remittances in the country.
