Singapore – Global payments platform Airwallex officially launches in Singapore this year, following a beta test in November 2021, and an approval grant from the Monetary Authority of Singapore (MSA).
Through the market expansion, Singapore businesses can now benefit from 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.
In addition, Airwallex’s global customers will also be able to receive funds locally in Singaporean dollars, making their businesses more accessible to the Singapore market.
For Nazim Ali, CEO at Airwallex Singapore, 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.
“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,” Ali explained.
This was not the first time Airwallex ventured into the Southeast Asian market. In September 2021, the company secured a money service business (MSB) license in Malaysia with an expected launch in the coming months, raised US$300m in its Series E and E1 fundraising rounds, and increased its valuation to US$5.5b.
“Our launch in Singapore is just the beginning of a wider journey. 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,” Ali concluded.