War, A London-headquartered company that made a name for itself by offering international money transfers and is reportedly planning an IPO, has accused its former banking partner in Brazil of a “smear campaign” because it alleges fraud Was imposed – a claim that the savvy says “false and incompetent”.
It has made sense to acquire its own FX broker license from Brazil’s Central Bank in January, following a war between Brazil’s MS Bank and Wise, meaning that its partnership with MS Bank will soon come to an end. The following month, without prior notice, MS Bank terminated its contract with Wise and informed customers that it was starting its own transfer service called CloudBreak.
Without a banking partner and before it was time to initiate trial transfers under his own FX broker license, Wise was forced to temporarily suspend his Brazilian corridor. On 12 March, Wise was able to open Brazilian Real (BRL) in its US Dollar (USD) corridor again under its own license, and then found things hostile.
In an email sent to customers the same day – and shared with TechCrunch earlier this week – MS Bank alleged that savvy customers were committing fraud through accounts. Those allegations were also repeated Youtube video And the text published on MS Bank’s own website and the way the transactions are registered to a customer’s account and focuses on the discrepancy with the Brazilian Central Bank.
In a subsequent blog post, a detailed and robust description of the discrepancy in the manner in which the transaction was recorded in a sensible manner, clearly denying any wrongdoing, led to an alleged “defamation campaign” Lets call MS Bank.
In a statement to TechCrunch, Wise says the allegations are “time-bound to raise awareness of that ex-partner’s launch of a competitive product”. The fintech company says, “We are not aware of any investigation or allegations against Wise by any regulator or other authority.” “We are certain that we are not responsible for any fraudulent or improper activity using customer data and / or money. Wise is taking legal measures to address the matter ”.
Wise’s full statement:
In recent weeks Wise has been the subject of a smear campaign by a former business partner in Brazil. The allegations are leveled to raise awareness of the competitive product launch of that ex-partner. We are not aware of any investigation or allegation against prudence by any regulator or other authority, either in Brazil or elsewhere.
Wise maintains its commitment to the transparency and security of our operations for our more than 10 million customers worldwide. We are certain that we are not responsible for any fraudulent or inappropriate activity using customer data and / or money. The sensible are taking legal measures to address the matter.