by Alexis Tuble, Correspondent
International fintech company WISE officially launched its business account services in the Philippines, aiming to help millions of Filipino micro, small, and medium enterprises (MSMEs) overcome long-standing hurdles in cross-border payments and global expansion.
The Department of Trade and Industry (DTI), the British Embassy, and WISE executives gathered in Manila for the launch, underscoring its significance in strengthening financial access for local businesses.
Assistant Secretary Kristian Ablan of the DTI described the initiative as “an important step forward for Filipino entrepreneurs who are looking to compete internationally.”
MSMEs account for 99.5 percent of all registered businesses in the country and employ a majority of the workforce. However, many face hurdles when expanding abroad, particularly in managing international payments. Traditional banking channels often involve multiple intermediaries, hidden fees, and lengthy transfer times.
DTI Assistant Secretary Kristian Ablan while delivering his speech during the event
“With WISE, Filipino MSMEs now have access to transparent, affordable, and efficient financial tools,” Ablan said. “When our entrepreneurs can easily receive payments from international clients, pay overseas suppliers, and manage multiple currencies, they can focus on growing their businesses instead of worrying about costs and delays.”
Tackling pain points for MSMEs in global payments
Since entering the Philippine market in 2024, WISE has introduced products designed to make international money transfers faster and more affordable. Its integration with local payment systems InstaPay and PESONet has already reduced costs and improved efficiency for personal account users.
The newly launched WISE Business account builds on this foundation, offering MSMEs the ability to send money to more than 140 countries, receive funds in over 10 major currencies, and manage up to 40 different currencies within a single account. Business owners can also issue multi-currency cards for themselves and their employees, enabling them to pay and withdraw funds globally with minimal fees.
Numair Fazili, a product analyst at WISE, explains how the new product can address specific pain points
Numair Fazili, from WISE’s regional expansion team, highlighted how the product addresses specific pain points. “Businesses here are global by nature, but bank accounts are not. Payments are slow, hidden fees are common, and transparency is lacking. With WISE, over 70 percent of transfers arrive in less than 20 seconds, and all fees are upfront and clear,” he stated.
WISE research showed that Philippine businesses lose an estimated ₱40 billion annually to hidden exchange rate markups. By offering real-time mid-market rates — the same seen on Google — WISE aims to return these lost funds to businesses, potentially fueling hiring, expansion, and reinvestment.
Wise bussiness: Support from the UK and the DTI
British Embassy Chargé d’Affaires Mike Welch emphasized that WISE’s entry into the Philippine business sector reflects the growing UK-Philippines technology partnership. He noted that financial services remain one of the UK’s strongest global industries, employing 1.2 million people and serving as a major driver of exports.
Mike Welch, British Embassy Chargé d’Affaires
“WISE exemplifies British ingenuity,” Welch said. “Its expansion in the Philippines is more than a product launch — it is a celebration of innovation that creates opportunities for Filipino businesses to participate more actively in global trade.”
The embassy pointed to earlier initiatives such as the UK-Southeast Asia Tech Week and its strategic collaboration with FinTech Alliance Philippines as part of a broader effort to deepen ties in innovation and trade.
A platform for MSME growth
For MSMEs, the WISE Business account offers several features critical for scaling internationally. These include batch payment processing, integration with accounting software such as Xero, and automated invoicing tools. Businesses can also set user permissions for employees, track spending in real time, and manage recurring obligations such as subscriptions.
WISE Philippines Country Manager Areson Cuevas
WISE executives assured Filipino businesses that accounts are free to open, with no monthly minimum balances or subscription costs. Advanced features, including local account details in foreign currencies, require only a one-time fee of ₱1,400.
“Whether you are a freelancer in Cebu, a family-run business in Quezon City, or a manufacturer in Laguna, you can now access the same financial infrastructure that supports companies worldwide,” said WISE Philippines Country Manager Areson Cuevas.
Insights from the panel discussion
During the panel discussion, Raphie Agupitan, a dedicated WISE user, emphasized the importance of empowering MSMEs with digital financial tools. She noted that many small businesses still struggle with limited access to affordable cross-border payment systems, which puts them at a disadvantage when competing with larger enterprises.
“I’ve seen how hidden fees and slow processes discourage entrepreneurs from scaling up. Having a trusted, transparent partner like WISE can be a game-changer for their growth journey,” Agupitan said.
“Providing MSMEs with faster, more transparent, and cost-efficient solutions like WISE levels the playing field. It allows our entrepreneurs to participate in global markets without being burdened by the inefficiencies of traditional systems,” she added.
The discussion highlighted how financial innovation, government support, and private-sector partnerships can collectively drive inclusive growth for Filipino businesses.
Unlocking global growth for Filipino businesses
The DTI expressed optimism that the WISE Business launch would complement its own initiatives to digitize payments and expand market access for local entrepreneurs. Assistant Secretary Ang noted that the department’s recently launched DTI eMarketplace, a B2B platform for MSMEs, could benefit from seamless integration with cross-border tools like WISE.
“The future of Filipino business is global,” Ablan said. “Today’s launch opens the door to bigger opportunities and allows our MSMEs to dream bigger, reach farther, and compete more effectively on the world stage.”
As global trade becomes increasingly digital, WISE’s entry into the Philippine MSME sector could mark a turning point in how local enterprises participate in the international economy—faster, cheaper, and with far fewer barriers.
