Airwallex announced its official launch in Singapore after its grant of a Major Payment Institution (MPI) license by the Monetary Authority of Singapore and a beta launch.
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’s global customers will also be facilitated so as to receive funds locally in Singapore dollars, making their businesses more accessible to the Singapore market.
Other key Airwallex product offerings for example multi-currency company and employee cards, spend management and an API suite for technology-first businesses that might require embedded payments and financial services will be progressively rolled out.
Airwallex launches in Singapore
Nazim Ali, the Chief Executive Officer of Airwallex Singapore expounded on the aspect.
“Singapore is a major hub for global technology and innovation, with a dynamic business community of startups, financial service institutions and a growing talent pool.”
“That said, many Singapore businesses, small and medium enterprises or larger enterprises still experience 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.”
Airwallex expands to the Singapore market
Founded in 2015, Airwallex is one of the fastest growing international financial technology companies, operating across Asia Pacific, Europe and North America currently with over a thousand employees in 19 locations globally, also including Singapore.
The Singapore team is expected to quadruple by the end of the 2022 calendar year. Airwallex will continue to scale its offerings and solutions across the ASEAN region.
In September 2021, the company successfully secured a money service business (MSB) license in Malaysia with an expected launch in the coming months, raised $300 million in its Series E and E1 fundraising rounds, and increased its valuation to $5.5 billion.
“Our launch in Singapore is just the beginning of a wider journey,” continued Nazim Ali.
“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 businesses in Singapore, to tap into its influence as a leading tech and innovation hub to better serve our customers in the region.”