Airwallex secures payments license in Singapore

Airwallex has been expanding its footprints globally when it raised funds from investors in the Series D round. It first expanded into North America and later it secured licenses in Malaysia. In the ASEAN region, Airwallex will compete with the likes of Ebury, Nium, Thunes and EMQ.

Now the Australian cross-border payments company announced that its Singapore entity, Airwallex (Singapore) Pte Ltd, has been granted a Major Payment Institution License by the Monetary Authority of Singapore (MAS) under the Payment Services Act.

Under this, the company would now be able to offer a suite of payments for businesses and consumers in Singapore such as account issuance, domestic money transfer, cross-border money transfer, merchant acquisition and e-money issuance.

The company in a press note said that it would ‘progressively’ introduce products and services for businesses that would enable them to operate and grow in the ASEAN region and globally.

This would include a global business account, multi-currency wallet, company and employee cards, spend management, online payments, international collection & transfer as well as an API for large and corporate businesses for embedded payments and financial services.