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2022 Global Customer Engagement Review

Airwallex launches virtual B2B Visa debit card in Singapore

Airwallex launches virtual B2B Visa debit card in Singapore

Singapore – After officially entering the Singapore market in January, global fintech Airwallex continues to progressively roll out key offerings in its global payments suite with the launch of its new Airwallex Borderless Card and integrated expense management solution.

Available to all Airwallex customers in Singapore, 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 and 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 market-leading foreign exchange rates wherever Visa cards are accepted. 

In addition to the Borderless Card, Airwallex is also launching its Expenses solution in Singapore. 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 and Visa first announced their global strategic partnership in February 2020, and have since introduced the Airwallex Borderless Card to businesses in Australia, Hong Kong, United Kingdom, Europe, and the United States. 

“We’ve seen many of our global customers benefit from our cards offering, including significant cost savings on USD Software as a Service (SaaS) card spend and international transfer fees. We are so pleased that we can now offer Singapore businesses all the same benefits, providing them with greater flexibility and control over their cross-border card payments,” said Arnold Chan, Airwallex’s head of growth for Singapore.

“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,” added Chan.

Kunal Chatterjee, Visa’s country manager for Singapore & Brunei, said that with Singapore being a global hub for commerce and SMEs looking to transact with counterparties globally, it is crucial to empower them with convenient and seamless cross-border payment solutions. 

“At Visa, we remain committed to working with our partners and being at the forefront in providing innovative payment solutions, helping businesses streamline their payment processes and improving the efficiency of international payments,” said Chatterjee. 

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. 

Airwallex was founded in Melbourne in 2015, and in just six years, the company has secured more than US$800m in funding and a valuation of US$5.5b. Last April in Hong Kong, the fintech launched an SME support initiative worth HK$2.5m, where they provided a series of exclusive offers to help businesses recover and reopen from the pandemic while managing costs.

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