Global FinTech platform Airwallex was granted a payments license in Singapore, boosting the company’s operations in the ASEAN region, according to a press release sent to PYMNTS on Monday (Nov. 8).
The Monetary Authority of Singapore (MAS) cleared Airwallex for a Major Payment Institution License, which gives the Australian startup permission to offer payment services that include account and digital money issuance, domestic and cross-border money transfers, and merchant acquisition. Airwallex plans to roll out a full suite of payment products and services to help businesses in Singapore expand across the ASEAN region and beyond.
See also: Digital Payment Services In Cross-Border Retail
The company will offer small- and medium-sized businesses (SMBs) global business accounts, multicurrency digital wallets, company and employee cards, spend management solutions, digital payments, and international collections. Airwallex will also offer an API for bigger businesses that need embedded payments and financial services.
Jack Zhang, CEO and co-founder of Airwallex, said that the approval in Singapore is part of the company’s “steady progress” in the Southeast Asian region.
“Receiving this approval reflects our robust policies, compliance framework and risk management systems we have put in place. 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,” Zhang said.
Read more: Airwallex Raises $200M for Global Expansion, Product Development
Zhang adds that Airwallex will introduce the new services in 2022, “enabling businesses in Singapore to operate globally without borders.”
Founded in 2015 and headquartered in Melbourne, Airwallex almost doubled its workforce in 2021 and now has more than 1,000 employees in 19 locations worldwide. In September, the company was awarded a payments license in Malaysia, following a $200 million Series E funding round that put its valuation at an estimated $4 billion. The company has raised more than $700 million to date.
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