WEX’s single-use virtual credit card (VCC) technology, assigns every transaction a unique card number, and provides companies with additional controls for security. Additionally, the VCC technology can deliver efficiencies by reducing reconciliations, queries and invoice processing.

"We are proud to have achieved this important milestone to support the growth of the Wex virtual product in the Asia Pacific region. Singapore is an important market for us and coupled with the fact that it is a global financial centre, this endorsement marks our commitment to the region," said Jim Pratt, Wex’s senior vice-president and general manager for virtual payments.

"Obtaining an issuing license in Singapore is a tangible demonstration of our commitment to growing our issuance capabilities in Asia," added Jeff Ames, Wex’s managing director for Asia Pacific, who is based in Singapore. "Wex’s continued focus on providing increased access to new markets in in Asia, and globally, positions us strongly and enables us to better support our customers."

Wex’s subsidiary, Wex Finance Inc, was granted an issuing licence by the Monetary Authority of Singapore on February 14, 2017 which enables it to issue credit and charge cards in Singapore under the Banking Act.