Tag: Airwallex

Singapore – Global payments platform, Airwallex has announced the appointment of Andrew Balint as vice president of marketing for APAC (ex-China). Based in Sydney, his appointment takes effect immediately.

With 25 years of experience, Balint has held senior roles at Afterpay, amaysim, Ola and Optus. Most recently he was the vice president of marketing for ANZ & APAC at Afterpay for four years, leading the buy-now-pay-later platform’s marketing efforts across brand, growth marketing, product marketing and customer experience.

His remit includes overseeing brand strategy, growth marketing, integrated campaigns, content and partnerships across key markets including Australia, New Zealand, Singapore, Hong Kong and Malaysia. 

He will be reporting directly to Arnold Chan, general manager for APAC and work alongside a global marketing team headed by Jon Stona, vice president for global marketing.

Speaking on his new role, Balint said, “I’ve been watching Airwallex’s incredible growth and innovation and I’m thrilled to now be part of the journey. The global payments landscape is evolving rapidly and Airwallex is at the forefront of that change. With innovation and customer experience driving everything we do, I’m excited to help expand our presence and make a real impact across the APAC region.”

Meanwhile, Chan commented, “We are delighted to welcome Andrew to our team at Airwallex. As we approach our 10-year milestone and expand our offerings into new products and markets, we’re privileged to have someone of Andrew’s calibre to lead our next phase of marketing across the Asia-Pacific region.”

Hong Kong – Airwallex, a global financial platform, has opened the Airwallex Borderless Cafe in Hong Kong to promote cross-border financial technology solutions. The pop-up cafe is part of the ‘Brew your borderless business’ campaign, which encourages businesses to overcome cross-border operations challenges.

With the aim of empowering businesses to unlock opportunities, the campaign highlights the importance of innovative fintech solutions for businesses. Airwallex’s founders launched the campaign after facing difficulties in opening a cafe in Melbourne, Australia.

Through the campaign, businesses can learn about Airwallex’s solutions and how they can help streamline cross-border operations. Airwallex will also host workshops about leveraging fintech solutions for their growth.

According to Airwallex’s recent trade report, global supply chain disruptions and inflationary pressures have significantly impacted trading businesses. Different regulatory requirements and currency risks also pose a problem for them.

The pop-up cafe, featuring a special menu, will run until Oct. 30, 2024.

Arnold Chan, Airwallex Asia general manager, said, “We’re excited to launch the Airwallex Borderless Cafe to have more conversations with businesses and community partners in Hong Kong. Airwallex was born out of a desire to create a better way for businesses to operate globally and optimise growth across borders. By providing trusted solutions for global payments and financial operations, we enable businesses of all sizes, whether they are entrepreneurs, SMEs and enterprises, to optimise their cross-border operations and achieve meaningful growth.”

“Managing business operations across borders can be challenging. The good sign is that 90% of import and export SMEs in Hong Kong are satisfied with the pay-in, pay-out and FX services provided by fintechs, and are open to more fintech solutions. Airwallex will continue to innovate and empower businesses to rethink their approach to global finance and unlock new possibilities,” Chan added.

Singapore – Global financial platform Airwallex has recently unveiled a first-of-its-kind 3D perception shift sculpture of McLaren F1 team driver Lando Norris in Singapore to launch its ‘Shifted Perspectives’ campaign locally. 

‘Shifted Perspectives’ builds on Airwallex’s partnership with McLaren Racing, first announced in early 2024, and emphasises both brands’ shared commitment to innovation and pushing boundaries.

Moreover, the campaign draws on real-world experiences from Airwallex’s customers and partners to demonstrate how innovative thinking can drive step-change growth. This fusion of art, sport, and business symbolises the shared vision of Airwallex and McLaren: by shifting perspectives, businesses can unlock new ways of solving problems and ultimately achieve their full potential.

The exclusive event at 39+ Art Space, located in the Tanjong Pagar Distripark, brought together key figures from motorsport, art, and business to highlight how viewing challenges from a different perspective can turn obstacles into opportunities.

In collaboration with renowned 3D perceptual shift artist, Michael Murphy, the sculpture symbolises the powerful role that perception plays in driving success. By fusing art, technology, and motorsport, Airwallex showcases how shifting perspectives can be the foundation for growth in business.

Murphy, celebrated for his perceptual art, brings this to life in a unique piece, which centres on Lando Norris as a representation of resilience and adaptability – qualities essential for success in both business and sport.

Jon Stona, vice president of global marketing at Airwallex, said, “Success in business often comes down to how we choose to see challenges. By shifting perspectives, we can turn barriers into building blocks. ‘Shifted Perspectives’ illustrates how, with a fresh approach, what once seemed like an obstacle can become an opportunity for growth.”

Meanwhile, Matt Dennington, co-chief commercial officer at McLaren Racing, commented, “In the competitive and unpredictable world of Formula 1, being agile and coming up with new approaches is crucial, on and off the track. The artwork, created in partnership with Airwallex, looks fantastic and we hope it inspires our fans to view challenges from a different perspective.”

Singapore – A new report from global payments and financial platform Airwallex has revealed that around 54% of global consumers expect to increase amount of international online shopping, signalling an increase in cross-border shopping. However, the report also notes that consumers also expect more payment flexibility and transparency this year.

According to the report, around 61% of consumers perceive international merchants to be trustworthy, while around 65% expressed confidence in the security of their personal and financial information when buying from international merchants.

When shopping with international merchants, around 77% of survey consumers would likely abandon their cart if their preferred payment method is not available. Additionally, 54% stated that they are unlikely to return to online stores that do not transparently disclose additional fees like currency conversion and international transaction fees. 

Moreover, credit cards (39%) were ranked as the most frequently used payment method amongst consumers shopping online from international merchants, followed by global digital wallets (26%). Meanwhile, shipping costs and transparency are ranked as the most important factors when evaluating the shipping policy of an international merchant (41%), while lengthy refund processing times represent the most prominent challenge for consumers (47%).

The report also noted that 59% of consumers will likely make online purchases from international merchants through social media platforms; Consumers in China (86%), Hong Kong (76%) and Singapore (62%) showed the highest appetite for social commerce. 

In addition, accessing better deals and offers on social media platforms (49%) was the top global motivation for consumers to buy from international merchants, followed by personal recommendations (42%) and interactive online selling (38%). On average, consumers use Facebook the most (28%) to make online international purchases, followed by TikTok (22%) and Instagram (20%).

Kai Wu, chief revenue officer at Airwallex, said, “E-commerce is more global than ever. Despite ongoing economic uncertainty and slowing global growth, it is clear that consumer spending will continue to grow. With the global cross-border e-commerce market set to reach USD 7.9 trillion by 20301, it is critical for international merchants to solve consumer pain points and deliver the best possible customer experience in order to thrive in this competitive market.”

He added, “As a global platform, we see millions of transactions on a regular basis, and are eager to find more innovative ways to support merchants as they navigate the complexities of cross-border e-commerce.”

Singapore – McLaren Racing has announced it has signed a multi-year partnership deal with global payments and financial platform Airwallex to modernise their global financial operations and support their iconic sport’s brand, the Formula 1 team.

In this partnership, Airwallex will support McLaren’s global financial operations through its treasury management, cross-border pay-outs, and settlement product suite.

McLaren’s existing payment infrastructure limits payments to suppliers to a single currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfers, and additional SWIFT fees.

Its new partnership with Airwallex is expected to optimise its supply chain payments for all Grand Prix. McLaren will have access to Airwallex’s financial technology that can unlock multi-currency payment options, providing the company the ability to hold core currencies and exchange them faster and with ease at any point, reducing the amount of SWIFT fees that may be payable by leveraging Airwallex’s extensive global proprietary payment rail network.

Airwallex will also support the launch and ongoing operation of McLaren’s digital partner merchandise platform, providing the technology needed to further boost their multi-currency collection capabilities and allowing them to offer a broad range of global and local payment options.

Additionally, aside from its product integration, the McLaren Formula 1 team has also signed Airwallex as its partner. The fintech company’s logo will be prominently displayed on the halo of the McLaren MCL38, on driver Lando Norris’ and Oscar Piastri’s overalls, including the pit crew, as well as across other McLaren official-branded material through the 2024 season and beyond.

With its multi-market reach and huge global annual viewership, Airwallex’s partnership with McLaren Formula 1 Team is also expected to help the fintech company in its growth trajectory as it continues to scale globally. The partnership aligns with Airwallex’s global ambitions to be the financial platform of choice for innovative businesses across the world.

Zak Brown, CEO of McLaren Racing, said, “In the competitive world of Formula 1, efficiency and performance are crucial both on and off the track. We are delighted to have Airwallex on board and use their innovative and trusted payment solutions to support our team’s financial operations.”

Meanwhile, Jack Zhang, CEO and co-founder of Airwallex, also shared, “There are very few brands that match McLaren’s heritage and global appeal. Like McLaren, Airwallex is constantly innovating to move faster and with greater precision—with a product that unites people around the world. Our partnership will play a key role in supporting our global expansion, and we look forward to working with the McLaren team in 2024 and beyond to support our mutual growth.” 

Australia – Kris+ by Singapore Airlines has selected global fintech platform Airwallex to power the extension of its lifestyle rewards app to more than 1.3 million KrisFlyer members in Australia.

The new partnership will allow for the integration of Airwallex’s Payment for Platforms solution into the Kris+ app, facilitating a more seamless payment and payout experience that supports miles earning and redemption capabilities from customers and partner merchants in Melbourne and Sydney, Australia.

The Kris+ app allows its users to earn miles from everyday spending or to pay for purchases and experiences. With this partnership, Australian users will now also be able to earn a rate of up to three miles for every dollar spent at selected partners in Melbourne and Sydney. Additionally, new Kris+ app users can earn up to 2,000 bonus miles upon making payments of at least AU$15 on the app.

Among the 100 partner merchants that are expected to join the programme in its first month of launch are Benjamin Barker, The Ugg Shop, D1 Store, and 124 Shoes.

Arnold Chan, general manager of Asia at Airwallex, said, “Kris+ by Singapore Airlines sought a partner that could provide a suite of payment processing and financial solutions that could modernise their payment infrastructure and better serve their customers. Our global financial infrastructure is ideally positioned to meet Kris+’s needs. By integrating Airwallex’s end-to-end turnkey solutions into its app, Kris+ users can enjoy a frictionless payments and rewards experience.”

He added, “We are proud to be working with Kris+ to support their growth internationally and are committed to help other Singapore-based businesses who have the ambition to scale.”

Commenting on the partnership, Luke Latham, managing director at Airwallex Australia and New Zealand, also said, “Australia is a special place for Airwallex as our birthplace, and we’re committed to supporting local businesses to grow globally while also opening doors for international brands to do business in Australia. Partnering with Kris+ by Singapore Airlines to expand their KrisFlyer programme in Australia is a great example of this, and we’re so excited to be helping them reach their customers here.”

“With international travel to Australia increasing significantly in the past year, the growing influx of visitors highlights the potential of Kris+ to offer added value to both tourists and businesses in Australia,” he concluded.

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.

Hong Kong – Fintech platform Airwallex has launched an SME support initiative worth HK$2.5m, where they will provide a series of exclusive offers to help businesses recover and reopen from the pandemic while managing costs.

Through this initiative, SMEs can open an Airwallex business account for free, and also enjoy HK$0 transfer fees for international payments to 60 destinations. Customers will also be able to enjoy exclusive subscription fee discounts, rebates and other perks through Airwallex’s local partners including Boutir, Bowtie, GOGOX, Google Ads, Google Workspace, SleekFlow, Xero and YOOV. 

Arnold Chan, head of SME for Hong Kong and Singapore at Airwallex, said, “SMEs are the backbone of Hong Kong’s economy, and in the months ahead, many of these businesses will continue to face challenges in managing their financials and cash flows.”

He added, “As the pandemic situation continues to impact local businesses, we hope that by doing our small part, we can help local businesses power through these difficult times and facilitate their path to recovery. With support from our partners, our offers aim to provide a more convenient and cost-efficient solution for making cross-border payments.”

The initiative comes as Hong Kong SMEs continue to combat the coronavirus related economic disruptions, and are experiencing numerous hurdles as they try to recover and rebuild in the wake of the pandemic. With over 340,000 SMEs operating in Hong Kong today, these businesses serve as vital economic engines for the city.
Airwallex had recently partnered with Hong Kong-based investment company Choco Up to support the future growth of cross-border e-commerce in the region, as well as expanding its services in Singapore.

Hong Kong — Choco Up, the Hong Kong-based financing and growth platform, has announced its partnership with fintech company Airwallex to support the future growth of cross-border e-commerce. By combining Airwallex’s proprietary global payments infrastructure with Choco Up’s flexible recurring funding solutions, the collaboration enables a comprehensive and integrated finance solution for e-commerce companies across Asia.

Leveraged by Airwallex, Choco Up is able to offer a one of its kind, turnkey solution covering cross-border payments, collections, and growth funding, and addresses the needs that will enable e-commerce firms of all sizes to grow beyond geographical boundaries without financial constraints.

Kai Wu, CEO of Airwallex Greater China, commented that they are pleased to have been chosen as Choco Up’s partner as they continue to support the growth of e-commerce companies across the region.

“Businesses today require easy-to-use, accessible, safe and cost-efficient payment options and our global financial infrastructure can enable that for businesses like Choco Up. Our scale API solution offers a centralized way to manage cross-border payment complexities, so businesses can easily transact internationally. We look forward to continuing our partnership in APAC and beyond, empowering businesses of all sizes to operate anywhere, anytime,” Wu said. 

Choco Up provides e-commerce companies with flexible funding ranging from US$10,000 to US$10m to accelerate their growth. Choco Up’s proprietary fintech platform allows for a seamless, automated funding process. By connecting the companies’ sales and marketing accounts to their data integration platform, Choco Up can efficiently conduct artificial intelligence-driven risk assessments on applicant companies within hours. The information gathered enables e-commerce companies to see all their business performance data in one place, helping them identify pain points, optimize their businesses, and stay on top of the competition.

Brian Tsang, co-founder and COO of Choco Up, said that the pandemic has propelled even faster growth of e-commerce companies over the past couple of years, many of whom are in search of new funding and payments options to enable more sustained long-term growth regionally/internationally.

“Partnering with Airwallex allows us to build a comprehensive hassle-free payment and funding infrastructure in Asia to empower these businesses to scale across borders without complications and co-create a better future for cross-border e-commerce in Asia,” Tsang said.

Bringing together Airwallex’s global payment technology with Choco Up’s funding platform and analytics tools, this solution will serve as a one-stop-shop for e-commerce companies looking to expand internationally. Airwallex’s global payment software lets e-commerce businesses make cross-border payments in more than 130 currencies at significantly lower costs because of their market-leading foreign exchange rates. In addition, Airwallex Borderless Cards will enable e-commerce merchants to make digital payments across borders that are more secure, transparent, and efficient.

Last January, Airwallex launched its fintech platform in Singapore.

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.