Airwallex partners with Stake on cross-border payments

Riding on new funding from investors, Airwallex has made news in the last couple of weeks by first expanding its geographical reach to the US and then securing a license in Malaysia.

This week, Australia based cross-border payments company announced that it has teamed up with Stake which is a South African-owned digital stock brokerage company. The latter will be using Airwallex’s for cross-border payments and foreign exchange.

As per the press note, Airwallex was chosen by Stake to ‘receive, convert and payout funds in multiple currencies, enabling it to operate and serve customers in new markets’.

This partnership between Airwallex and Stake would provide solutions and integration to Stake’s 360,000 clients and would be useful to move money between Wall St and ASX. This would also support the Stake’s international expansion into New Zealand, Brazil and the UK, as well as the company’s move into the ASX and the beta launch of its modern self-managed super fund establishment product, as stated by press note.

Jack Zhang, CEO and Co-Founder of Airwallex in the press note said that the company ‘by providing easy access to a global financial infrastructure, we empower businesses to operate anytime, anywhere’.

As per the Stake’s website footnote, Stake is an authorised representative of Sanlam Private Wealth Pty Ltd, part of the South African insurance group. It’s currently an authorised representative of Airwallex Pty Ltd. Stake is not authorised by Airwallex under Airwallex’s AFSL to arrange for clients to be issued with securities as Airwallex is not authorised under its AFSL for this purpose.