Airwallex expands to South East Asia by securing a licence in Malaysia
South Asian markets are increasingly becoming more competitive in nature as more and more payments companies battle to grab market share. Companies such as Nium, Thunes and EMQ have already made several announcements in this region related to commercial payments.
This week, Australian cross-border payments company Airwallex has announced that the company has secured a money services business (MSB) licence issued by Bank Negara Malaysia. According to the release press note, this licence would help the company to offer ‘ modern, streamlined and integrated international payment solutions for Malaysian businesses of all sizes, from SMEs to larger enterprises, to efficiently manage their operations in Malaysia’.
Last month, the company made inroads in North America by expanding its operations in the United States.
The company says the service will be available from early next year and businesses in Malaysia can avail ‘fast, transparent and cost-effective international payments in multiple currencies which could empower them to operate and expand globally.
Through the Airwallex platform, businesses will have the ability to collect and pay to clients across the globe different currencies and even convert and pay.
The company currently holds licences and is operational in Australia, Hong Kong, the UK & EU, and the US.
“Malaysia-based businesses have been looking to tap into Southeast markets to remain competitive, requiring a trusted payment partner for their regional and global expansion. With this new licence, Airwallex aims to replicate the success that it has achieved from servicing leading companies in other regions with businesses in Malaysia”, said Jack Zhang, CEO and Co-founder, Airwallex.