The Singapore Tourism Board (STB) and global technology company Wise have announced a strategic partnership to promote travel to Singapore and increase tourism spending by offering greater value to Malaysian travelers.
Wise said in a statement on Tuesday that the partnership marries STB’s expertise in destination marketing with Wise’s innovative financial solutions to strengthen Singapore’s position as a top travel destination for Malaysians, while offering them a convenient and affordable way to manage their finances during their visits.
It is noted that Malaysia was Singapore’s fourth-largest source market for inbound arrivals last year, accounting for 1.19 million visitor arrivals — a notable 9 percent increase compared to 2023.
Malaysia is also Wise’s fastest-growing market in the Asia Pacific, highlighting strong demand for convenient, cross-border financial services.
As part of this collaboration, STB and Wise will launch digital and social media campaigns spotlighting Singapore’s newest attractions, vibrant culture, and unique offerings.
The campaign features a dedicated landing page where new users can sign up for a complimentary Wise Card.
It also highlights some of Singapore’s newest experiences and destinations including Illumination’s Minion Land at Universal Studios Singapore, Mandai Wildlife Reserve’s Rainforest Wild ASIA and New Bahru, Singapore’s latest retail and lifestyle destination.
While Malaysians are known for being savvy travelers, a recent survey by Wise found that 96 percent of respondents still rely on traditional money changers when spending abroad.
Additionally, 65 percent of respondents continue to use their local bank cards, despite 67 percent being aware of hidden exchange rate markups and foreign transaction fees as high as 3 percent.
Thus, this partnership seeks to empower Malaysians with modern and transparent financial tools for managing travel expenses, enhancing their experience in destination Singapore.
“This partnership with the Singapore Tourism Board demonstrates our shared vision of helping tourists discover Singapore’s rich heritage and world-class attractions, while enhancing the travel experience for Malaysian visitors,
“It also underscores Wise’s commitment to the region’s vibrant travel and tourism ecosystem, and our mission to deliver the fast, low-cost and transparent services that our
customers need,” said Shrawan (SK) Saraogi, Singapore Chief Executive Officer and Asia Pacific (APAC) Head of Expansion at Wise.
Terrence Voon, Executive Director, Southeast Asia, Singapore Tourism Board said, Singapore offers an ever-evolving lineup of lifestyle offerings, leisure events and experiences at the doorstep of Malaysian travelers.
“That is why we have partnered WISE to help them see more, do more and get the most out of every moment in our city,
“Through this partnership, both seasoned visitors and those who are new to Singapore can look forward to greater value and convenience,” he added.
Wise is a global technology company. The firm launched in 2011 and is listed on the London Stock Exchange.
In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion ($160.57 billion) in cross-border transactions, and saving customers over £1.8 billion ($2.44 billion).
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