- Deutsche Bank will provide its application programming interface (API) services to Airwallex in order to let the firm extend and improve its payments provisions in Japan and Hong Kong.
- Airwallex, which has recently raised a significant amount in funding, caters specifically to those who are selling in the e-commerce world.
- "We are delighted to partner with Airwallex to further build the company’s international business of digital payment collections,” said a senior figure at Deutsche Bank.
A leading fintech firm in Hong Kong will enter into a collaboration with one of the world’s largest financial services institutions to provide extra services in the Asia Pacific region.
Airwallex, which has been described in the finance press as a “global fintech unicorn”, will be able to use the Deutsche Bank application programming interface (API) to help improve the customer experience.
Specifically, customers of Airwallex will now be able to enjoy digital account collections in the major market of Japan.
In Hong Kong, meanwhile, foreign exchange services will be made available in order to provide smoother payment experiences.
Airwallex, which caters to e-commerce merchants, will, therefore, be able to improve the international money transfer experience of those who are paying and receiving cash for goods and services.
In an additional move, Deutsche Bank confirmed that customers of Airwallex would not be required to set up bank accounts in the locations of their payers.
Instead, the move is going to be enabled by “virtual accounts” technology and the API system in place.
This is expected to remove a significant hurdle for many merchants, who find that the need in some quarters to set up bank accounts can make the transactions difficult.
In a statement, Chintan Shah, who serves as the head of corporate cash management at Deutsche Bank for the Asia Pacific region, said that his firm was “delighted” about the new partnership and the prospects that it had for global payments opportunities.
“We are delighted to partner with Airwallex to further build the company’s international business of digital payment collections,” he was quoted as saying.
In a further statement, he said that Deutsche Bank was in a good position to provide high-quality, modern payment services.
“With our leading-edge corporate payment solutions, expertise in working with fintech and e-commerce companies worldwide, Deutsche Bank is well placed to be the cash management bank of choice for this industry as we help to support the growing digital economy,” he added.
More broadly, Airwallex has long since been regarded as a major upcoming name on the banking scene.
In April of this year, for example, the firm managed to secure a total of $160m in Series D funding.
Overall, it is understood that the funding has now put the equity raised value at over $350m.
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