Airwallex Granted Payment Institution License in Singapore
(9 November 2021 – Singapore) Airwallex will be launching its services in Singapore from 2022, following regulatory approval.
The license will allow Airwallex to provide a suite of payment services including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition and e-money issuance.
The Melbourne-headquartered payments firm aims to roll out a suite of product and service offerings that will enable businesses in Singapore to operate and grow across the ASEAN region and globally.
Some of these upcoming services include multicurrency wallets for small and medium-sized businesses (SMBs), company and employee cards, as well as spend management, online payments, international collection and transfer features. It also plans to offer an application program interface (API) for large enterprises.
“We are pleased to have received regulatory approval in Singapore as we continue to make steady progress in Southeast Asia, scaling our payment offerings and solutions in the region for our customers. Receiving this approval reflects our robust policies, compliance framework and risk management systems we have put in place,” said Airwallex CEO and co-founder Jack Zhang.
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