Australia-based global payments and financial platform Airwallex has secured a payment business license in China, following the successful acquisition of a 100 percent stake in Guangzhou Shang Wu Tong Network Technology Co., Ltd., an information and online payment services company.

Airwallex said in a statement that Shang Wu Tong Network Technology has a license for online payment services, and the acquisition received approval and endorsement from all relevant China regulatory authorities.

“We are excited to achieve this milestone, and to have completed the acquisition,

“Looking ahead, we can now significantly enhance our capabilities to empower entrepreneurs and modern businesses to leverage technology and grow without borders,” said Kai Wu, Chief Revenue Officer and General Manager of Asia Pacific (APAC) at Airwallex.

This latest approval adds to Airwallex’s existing licenses across major markets around the world, including Australia, the European single market, Hong Kong, New Zealand, Singapore, the United Kingdom and the United States.

With this license, Airwallex is now a third-party payment provider in China and has greater access into the local market.

“To better address the pain points encountered in cross-border transactions between China and the rest of the world, our team will work towards integrating our platform,

“This means we can support even more secure, straight through, effective, efficient and affordable solutions, introducing products and services in China for businesses of all sizes in their global expansion plan,” added Kai.

Airwallex is a global payments and financial platform for modern businesses, covering more than 150 countries, and making $50 billion in annualized transactions.

Its global financial infrastructure and platform helps businesses manage payments, treasury, as well as card and expenses, and provides an embedded finance offering for global, digitally native businesses.

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