Airwallex partners with Deutsche Bank

Deutsche Bank has partnered with Melbourne-based cross-border payments firm Airwallex, to provide virtual account collection in Japan and API-enabled foreign exchange services in Hong Kong.

This solution will allow Airwallex to process and convert cross-border payments made to merchants based in Greater China by using virtual accounts and API technology, the press release stated. This means merchants won’t be required open bank accounts in the markets where their customers are based.

In the press release, the Airwallex CEO and co-founder, Jack Zhang, noted that more online merchants around the world, including Greater China and Japan, are looking to expand their client base beyond their home market.

Back in March 2020, Airwallex partnered with Xero to assist its small-to-medium business clients in reconciling their domestic and international payments. In April, it raised $160 million in Series D funding from ANZi Ventures, Salesforce Ventures, DST Global, Tencent, Sequoia Capital China, Hillhouse Capital and Horizons Ventures.