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Airwallex payment service is open for business in Singapore

Yesterday, leading Australian-founded fin-tech platform Airwallex announced its successful expansion into Singapore. 

The move follows its grant of a Major Payment Institution (MPI) license by the Monetary Authority of Singapore and a beta launch in November last year. 

Founded in 2015, Airwallex is one of the fastest-growing fin-tech companies, operating across Asia-Pacific, Europe and North America. The company boasts over 1,000 employees in 19 locations globally, now including Singapore. 

The Singapore team is expected to quadruple by the end of 2022.

What Airwallex expansion means for Singapore

Airwallex’s approval will see local Singapore businesses benefit from the platform’s global payments services. 

Airwallex will progressively introduce a suite of product and service offerings that will enable companies in Singapore to operate and grow globally and across the ASEAN region.

These products and features include global account issuance, domestic and cross-border money transfer at market-leading rates, multi-currency wallets, and online payments acceptance.

Nazim Ali, CEO of Airwallex Singapore, said, “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 – 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.”

Joining the international market 

The move is good news for all international Airwallex users, who will now be able to receive funds locally in Singapore’s currency, the SGD, making their businesses more accessible to the Singapore market.

From its homegrown Australian roots, Airwallex is taking on the globe. 

The company continues to focus on regional and global expansion plans, with Singapore joining their growing list of approvals in key markets such as the UK & EU, United States, and Hong Kong. 

In September 2021, the company secured a money service business (MSB) license in Malaysia with an expected launch in the coming months, raised US$300 million in its Series E and E1 fundraising rounds, and increased its valuation to US$5.5 billion.

Airwallex says it will continue to focus on expanding its offerings and solutions in the ASEAN region.

Mr Ali said, “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.”

Read more: How Airwallex can fast-track your business from local to global

Read more:Six women who led Australia’s fintech sector in 2021

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Heidi Heck

Heidi Heck

Heidi Heck is a Journalist at Dynamic Business. She is a student at the University of Queensland where she studies Journalism and Economics. Heidi has a passion for the stories of small business, as well as the bigger picture of economics.

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