Fintech startup Airwallex launches global payment services in Singapore
PAYMENTS company Airwallex has officially launched in Singapore on Thursday (Jan 13), offering a suite of payment services across borders for local and international customers.
The fintech platform, which aims to facilitate foreign exchange payments around the world, currently offers global account issuance, domestic and cross-border money transfers, multi-currency wallets and online payments acceptance to businesses located in Singapore.
Its international customers will also be able to receive funds locally in Singapore dollars.
Other offerings such as multi-currency company and employee cards, spend management and an application programming interface suite for embedded payments and financial services will be progressively rolled out, the company added in its press statement on Thursday.
"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," said Nazim Ali, chief executive officer of Airwallex Singapore.
He noted that many Singapore businesses still face challenges with international payments and are looking for partners such as Airwallex to help them tackle the complexities of cross-border payments.
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"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," he added.
Airwallex had previously clinched a Major Payment Institution Licence from the Monetary Authority of Singapore in November 2021. It also had a beta launch that month.
The company's entry into Singapore comes with plans to scale its solutions across South-east Asia. In September 2021, it secured a money service business licence in Malaysia, with an expected launch later this year.
The startup has also recently raised US$300 million in Series E and E1 fundraising rounds, increasing its valuation to US$5.5 billion.
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