Cross border payments company Airwallex announced its official launch in Singapore, following its grant of a Major Payment Institution (MPI) license by the Monetary Authority of Singapore and a beta launch in November last year.
Singapore businesses will now have access to 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 able to receive funds locally in SGD, making their businesses more accessible to the Singapore market.
Other key Airwallex offerings such as multi-currency company and employee cards, spend management and an API suite for technology-first businesses that require embedded payments and financial services will be progressively rolled out.
Additionally, the Singapore team is expected to quadruple by the end of 2022.
In September 2021, Airwallex had secured a money service business (MSB) license in Malaysia with an expected launch in the coming months, raised US$300 million in its Series E and E1 fundraising rounds, and increased its valuation to US$5.5 billion.
Airwallex added that it will continue to scale its offerings and solutions across the ASEAN region.
Nazim Ali, CEO of Airwallex Singapore said,
“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. Our launch in Singapore is just the beginning of a wider journey.
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.”
Featured image: Edited from Unsplash