Airwallex gains MAS licence, to launch services in Singapore next year
FINTECH startup Airwallex announced that it has clinched a licence from the Monetary Authority of Singapore (MAS) and will be launching its services in the island republic next year.
In a press statement on Monday (Nov 8), the payments platform said that it has secured a Major Payment Institution Licence from the MAS. This will allow Airwallex to provide financial services such as account issuance, domestic and cross-border money transfer, merchant acquisition and e-money issuance.
"We are pleased to have received regulatory approval in Singapore as we continue to make steady progress in Southeast Asia, scaling our payment offerings and solutions in the region for our customers," said Jack Zhang, chief executive and co-founder, Airwallex.
This entry into Singapore comes after Airwallex's entry into Southeast Asia with a Money Service Business license in Malaysia. The startup has also recently raised US$200 million in a Series E funding round, bringing its valuation up to US$4 billion.
Airwallex will roll out its services across Southeast Asia, with offerings including multi-currency wallets, company and employee cards among others for small and medium-sized enterprises (SMEs). The fintech startup is also looking to roll out applications programming interfaces (API) for large enterprises as well.
"We will continue to work closely with regulators and partners to ensure we facilitate a safe, effective and transparent way to manage their cross-border financial transaction needs. We look forward to launching our services in Singapore next year and enabling businesses in Singapore to operate globally without borders," said Zhang.
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