Global FinTech Platform Airwallex has secured a payment license in Singapore, bolstering the company’s operations in the ASEAN region, according to a press release sent to PYMNTS on Monday, November 8.
The Monetary Authority of Singapore (MAS) has cleared Airwallex for a major payment institution license, which authorizes the Australian startup to offer payment services including the issuance of accounts and digital currency, money transfers national and cross-border and the acquisition of traders. Airwallex plans to deploy a full range of payment products and services to help Singapore businesses grow in the ASEAN region and beyond.
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The company will provide small and medium-sized businesses (SMEs) with global commercial accounts, multi-currency digital wallets, corporate and employee cards, expense management solutions, digital payments and international collections. Airwallex will also offer an API for large businesses that need integrated payments and financial services.
Jack Zhang, CEO and co-founder of Airwallex, said the approval in Singapore is part of the company’s “continued progress” in the Southeast Asia region.
“Receiving this approval reflects our strong policies, our compliance framework and the risk management systems we have in place. We will continue to work closely with regulators and partners to ensure we facilitate a safe, efficient and transparent way to manage their cross-border financial transaction needs, ”said Zhang.
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Zhang adds that Airwallex will introduce the new services in 2022, “allowing Singapore businesses to operate in the world without borders.”
Founded in 2015 and based in Melbourne, Airwallex nearly doubled its workforce in 2021 and now has more than 1,000 employees at 19 locations around the world. In September, the company was granted a payment license in Malaysia, following a $ 200 million Series E funding round that valued its valuation at around $ 4 billion. The company has raised over $ 700 million to date.
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