Australian fintech platform Airwallex announced Thursday its official launch in Singapore, following its grant of a Major Payment Institution (MPI) license by the Monetary Authority of Singapore and a beta launch in November last year.
Singapore businesses can now benefit from Airwallex’s suite of global payments services including global account issuance, domestic and cross-border money transfer at market-leading rates, multi-currency wallets, and online payments acceptance, Airwallex said in a statement.
It said that Airwallex’s global customers will also be able to receive funds locally in SGD, making their businesses more accessible to the Singapore market.
Other key Airwallex offerings such as multi-currency company and employee cards, spend management and an API suite for technology-first businesses that require embedded payments and financial services will be progressively rolled out, it added.
“Singapore has established itself as a major international hub for global technology and innovation, supported by a dynamic business community across startups, major financial service institutions and a growing talent pool. That said, many Singapore businesses – small and medium enterprises (SMEs) or larger enterprises – still face challenges with international payments, and are looking for better partners like Airwallex that help them tackle that cross-border payments complexity.
“Since we were founded, we have enabled the global growth of many businesses. With this official launch we’re pleased to be able to empower Singapore businesses in the same way by supporting their payment needs across their entire transaction life cycle,” said Nazim Ali, Chief Executive Officer of Airwallex Singapore.
Founded in 2015, Airwallex is one of the fastest growing financial technology companies, operating across Asia-Pacific, Europe and North America today with over 1,000 employees in 19 locations globally, including Singapore. The Singapore team is expected to quadruple by the end of 2022.
With technology at its core, Airwallex has built a financial infrastructure and platform to help businesses manage online payments, treasury and payout globally, without the constraints of the traditional financial system.
Airwallex said it will continue to scale its offerings and solutions across the ASEAN region.
In September 2021, the company secured a money service business (MSB) license in Malaysia with an expected launch in the coming months. It also raised $300 million in its Series E and E1 fundraising rounds, and increased its valuation to $5.5 billion.
The startup has secured over $800 million since it was established in 2015, and is backed by world-leading investors.
“Our launch in Singapore is just the beginning of a wider journey. Growing our presence and payments capability across Southeast Asia is part of our ambitious expansion plan for 2022, and Singapore is no doubt instrumental to this growth.
“We look forward to expanding our product suite and supporting businesses in Singapore, as well as tapping into its influence as a leading tech and innovation hub to better serve our customers in the region,” said Nazim Ali.