Global FinTech platform Airwallex announced on Thursday that the company has secured a money services business (MSB) license issued by Bank Negara Malaysia, the central bank of Malaysia.

The new license will allow Airwallex to offer international payment solutions for Malaysian businesses of all sizes, from SMEs to larger enterprises, to manage their operations in Malaysia, Airwallex said in a statement.

From early next year, businesses in Malaysia can enjoy “fast, transparent and cost-effective” international payments in multiple currencies, empowering them to operate and grow globally, the company said.

Through the Airwallex platform, they will have the ability to collect funds from customers across the globe in different currencies, convert and payout into preferred currencies, it added.

Airwallex said the development marks another milestone for Airwallex as the company sets its sights on growing its presence in Southeast Asia, with teams in Singapore and Malaysia to support ASEAN businesses. Globally, Airwallex currently has licenses and is operational in Australia, Hong Kong, the United Kingdom & European Union, and the US.

“Malaysia-based businesses have been looking to tap into Southeast markets to remain competitive, requiring a trusted payment partner for their regional and global expansion. With this new license, Airwallex aims to replicate the success that it has achieved from servicing leading companies in other regions with businesses in Malaysia. Our solutions will help both local and global businesses in Malaysia focus on their international operations and expansion, without having to navigate the nuances of establishing their own cross-border financial infrastructure,” said Airwallex Co-Founder and Chief Executive Officer Jack Zhang.

Earlier this year, Airwallex announced an additional Series D capital raise of $100 million which increased its valuation to $2.6 billion.

Founded in 2015, Airwallex has over 900 staff across 12 global offices. It has built a global financial infrastructure and platform to help businesses to manage payments, treasury, and expenses internationally, without the constraints of the traditional financial system.

Airwallex has secured over $500 million since it was established in Melbourne in 2015 and is backed by world-leading investors.

Airwallex has reached unicorn status during its Series C fundraising in March 2019.

Investors of Airwallex include Greenoaks, Grok Ventures, Skip Capital, ANZi Ventures, Salesforce Ventures, DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, Horizons Ventures, among others.

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