Homegrown global fintech Airwallex has announced its official launch into Singapore today following its November grant of a Major Payment Institution (MPI) license by the Monetary Authority of Singapore.
The approval will see Airwallex progressively introduce a suite of product and service offerings that will enable businesses in Singapore to operate and grow globally and across the ASEAN region.
Similarly, the Aussie fintech’s global customers will now have access to the Singapore market and receive funds locally in SGD, making their businesses more accessible to the Singapore market.
Airwallex Singapore CEO Nazim Ali says other Airwallex offerings such as multi-currency company and employee cards and an API suite will be progressively rolled out to the market. The CEO said the launch in Singapore will empower businesses with better payment options.
“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 Ali.
“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.”
The fintech recently raised US$300 million in its Series E and E1 fundraising rounds, and increased its valuation to US$5.5 billion.
Ali said the Singapore launch was just the beginning of the fintech’s grand plans.
“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.”