Wise, the United Kingdom-based payment firm, announced Wednesday that it has received a capital markets services licence from the Monetary Authority of Singapore (MAS), which will enable the firm to bring its new investment product, Assets, to Singapore in the coming quarters.

“We’re excited to have secured the licence as our first step towards bringing Assets to Wise customers in Singapore, making this the first location outside Europe where we’ll be offering this product,” Wise Chief Product Officer Nilan Peiris said in a statement

“Assets is something new we’ve built to give our customers more ways to manage their money, and we look forward to rolling this out to customers here,

“This also reflects Wise’s continued commitment to Singapore, our Asia Pacific (APAC) hub, where by year end we will have doubled in size to hit over 400 employees,” he added.

Currently available in the United Kingdom, Assets gives Wise business and personal customers more choice about how their money is held, and potentially earn a return on their money in over 50 currencies.

Unlike money held in traditional investment accounts, Assets gives customers access to the majority of their money, meaning they can hold their balance in Assets, and still spend and send the money when they need it.

The licence in Singapore follows the grant of a similar investment licence from the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) last week (25 October).

People and businesses hold £6.8 billion ($7.82 billion) in Wise account balances globally.

Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise.

It is one of the world’s fastest growing, profitable tech companies and is listed on the London Stock Exchange under the ticker, WISE.

By offering investment through the Wise Account, Wise seeks to create a more convenient experience for people and businesses who send, hold and receive money in multiple currencies to have the option to potentially earn a return on their funds — all in one place.

Wise Singapore doubles headcount in 2022, to hit over 400 employees by year end