Wirex has selected fintech firm Railsbank as its new card issuing partner for customers in the Asia Pacific (APAC) region.
The partnership is line with the swift migration of existing and new Wirex debit card customers away from the scandal-plagued Wirecard.
Wirecard was the former card issuing partner of Wirex in the APAC region.
Wirex noted that its customers in the APAC region will not be face any service interruptions as a result of this migration.
Customer’s account and card information will also remain the same and they will not have to transfer their funds to an alternate bank account, the company said.
Existing customers who already have Wirex cards will be automatically migrated to Railsbank.
Railsbank head of sales Louisa Murray said: “We are very happy to help with migration and especially pleased that it took less than 45 days to complete.
“It’s interesting that many companies are now coming to us with the same request, to migrate them onto the Railsbank technology platform.”
Commenting on the partnership, Wirex co-founder and CEO Pavel Matveev said: “Wirex’s new partnership with Railsbank reinforces our core goal of protecting existing customers’ funds, whilst continuing to innovate in a legal and compliant manner.
“Working alongside them allows us to continue empowering our customers to buy, hold, exchange and spend multiple traditional and cryptocurrencies whilst minimising the risk to their funds.”
Wirex leverages its payments infrastructure to bolster the adoption of cryptocurrency. It offers a crypto-enabled debit card with the ability to spend up to 20 fiat and cryptocurrencies at over 54 million locations worldwide.
Wirex, which has three million users in the region, hopes that the partnership with Railsbank will help it expand into new territories.
