Airwallex Rolls Out Virtual Business Debit Cards and Expenses Solution in Singaporeby Fintech News Singapore May 10, 2022
Global fintech Airwallex announced the launch of its Airwallex Borderless Card for its Singaporean customers today.
The Airwallex Borderless Card is a virtual multi-currency Visa business debit card that enables businesses to easily make online card payments anywhere that Visa is accepted, from Singapore, to the rest of the world.
Singapore-based companies can now instantly generate and issue virtual multi-currency business debit cards to promptly pay third parties, such as vendors and other online merchants, with Airwallex’s foreign exchange rates, wherever Visa cards are accepted.
These virtual cards will enable Singapore businesses to transact in more than 140 currencies and expand into new markets.
Over the coming months, Airwallex plans on expanding its card functionality, including enabling physical cards for business owners and for their employees’ work expenses, and digital wallet integration.
In addition to the Borderless Card, Airwallex is also launching its expenses solution.
Singapore businesses will be able to streamline their expense processes with a single integrated platform to manage spending, seamlessly upload receipts for approval, reconcile expenses, and gain real-time visibility over card transactions.
Airwallex was granted a Major Payment Institution License by the Monetary Authority of Singapore (MAS) under the Payment Services Act at the Singapore Fintech Festival in November last year.
The company then officially launched its services in January.
“Today’s virtual cards and expenses launch is another significant step towards a full rollout of our global payments offerings in Singapore.
We strive to become an integral one-stop shop for any Singapore business requiring support with business finances across the entire transaction lifecycle, and by doing so, empower them to manage and grow both their local and global operations exponentially,”
said Arnold Chan, Airwallex’s Head of Growth for Singapore.
“With Singapore being a global hub for commerce and our SMEs looking to transact with counterparties globally, it is crucial to empower them with convenient and seamless cross-border payment solutions.
We are pleased to partner with Airwallex to introduce virtual cards with multicurrency capabilities in Singapore and help businesses make cross-border payments and enjoy competitive foreign exchange rates,”
said Kunal Chatterjee, Country Manager for Singapore and Brunei at Visa.