TransferWise has acquired a restricted banking licence in Australia.
In Brief:
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The firm, which offers a money transfer service, has been approved to access the country’s real-time payment system.
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It’s been issued a permit by the Prudential Regulatory Authority.
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This allows TransferWise to offer purchased payment facilities as a “limited authorized deposit-taking institution”.
What does this mean?
This is a marker on TransferWise’s journey of expansion into Australia. It's now able to rival PayPal with some of the services it offers in the country.
