London-based financial tech firm TransferWise's new "borderless account" allows users to hold money in multiple currencies, and that could help businesses conduct their activities much more efficiently, according to the start-up's CEO.
"In addition to keeping a balance, which you can do in 27 currencies, you will also get local account numbers in U.S., in U.K., in Europe," TransferWise chief Taavet Hinrikus told CNBC.
"You can do business like a local person while based in Singapore," he added.
Initiated in May, the product also allows customers to convert between currencies instantaneously. The start-up is known for its e-transaction service, which allows customers to transfer money at near-real exchange rates. Using a peer-to-peer model, TransferWise pairs a currency seller with a buyer, enabling both parties to save on transaction fees.