Airwallex confirms major push into Singapore

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Airwallex, which offers in-country and international money transfer services as well as a wide variety of other financial sector services, has announced that it is launching in Singapore ahead of a hiring spree there.
  •  The development in Singapore comes after the company was given a similar license in Malaysia – and it is also expected to launch there soon.
  • “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,” said a senior figure at the firm.

Airwallex, a provider of international money transfer services, has announced that it will be making a move into the Singapore market.

Airwallex has received what is known as a Major Payment Institution license from the Monetary Authority of Singapore.

The company had its beta launch in the country in November of last year.

The move now means that businesses in Singapore will be able to access the various payment services that Airwallex offers.

These include worldwide account insurance as well as international money transfers.

It will also include domestic transfers within Singapore.

What’s more, the company intends to provide multi-currency wallets as well as online payment acceptance tools.

Customers in the country are expected to be able to accept payment in Singaporean dollars, the firm said.

Employee and company cards will be available, issued via the firm.

An application programming interface system will also be available.

The company is planning a large hiring spree to get its aims over the line.

It intends to hire four times the number of its current staff by the end of this year.

In a statement, a senior figure at the firm said that the company’s official launch in Singapore offered the chance for it to “empower” businesses in the area.

Nazim Ali, who is the chief executive officer of the Singapore branch of the company, said that the company will be helping firms across all parts of the payment process.

“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. Our launch in Singapore is just the beginning of a wider journey,” he said.

He went on to say that Airwallex was pleased to be helping companies in the region – and also benefiting from Singapore’s status as a tech hub.

“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,” he explained.

The development in Singapore comes after the company was given a similar license in Malaysia, and it is also expected to launch there soon.

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