Monday, 16 May 2022

Airwallex rolls out more global payment services in Singapore

5 min read

Airwallex, one of the leading global fintechs continues to progressively roll out key offerings in its global payments suite with the launch of its Airwallex Borderless card and integrated expense management solution.

Available to all Airwallex customers in Singapore, the Airwallex Borderless card is a virtual multi-currency Visa business debit card that enables businesses to easily make online card payments anywhere that Visa is accepted, from Singapore to the rest of the world.

Singapore-based companies can now instantly generate and issue virtual multi-currency business debit cards to promptly pay third parties, such as vendors and other online merchants, with Airwallex’s market-leading foreign exchange rates, wherever Visa cards are accepted. These virtual cards will enable Singapore businesses to transact in more than 140 currencies and expand into new markets with confidence, knowing that their payments are secure, transparent and fast.

In addition to the borderless card, Airwallex is also launching its Expenses solution in Singapore. Singapore businesses will be able to streamline their expense processes with a single integrated platform to manage spending, seamlessly upload receipts for approval, reconcile expenses, and gain real-time visibility over card transactions.

Airwallex and Visa first announced their global strategic partnership in February 2020, and have since successfully introduced the Airwallex borderless card to businesses in Australia, Hong Kong, United Kingdom, Europe, and the United States.

Arnold Chan, head of growth for Singapore at Airwallex said, “We’ve seen many of our global customers benefit from our cards offering, including significant cost savings on USD Software as a Service (SaaS) card spend and international transfer fees. We are so pleased that we can now offer Singapore businesses all the same benefits, providing them with greater flexibility and control over their cross-border card payments”.

“Today’s virtual cards and expenses launch is another significant step towards a full rollout of our global payments offerings in Singapore. We strive to become an integral one-stop shop for any Singapore business requiring support with business finances across the entire transaction lifecycle, and by doing so, empower them to manage and grow both their local and global operations exponentially,” Chan added.

Kunal Chatterjee, country manager for Singapore and Brunei of Visa said, “Based on a Visa study, 90% of businesses believe that new forms of digital payments are fundamental to their growth. With Singapore being a global hub for commerce and our SMEs looking to transact with counterparties globally, it is crucial to empower them with convenient and seamless cross-border payment solutions. We are pleased to partner with Airwallex to introduce virtual cards with multicurrency capabilities in Singapore and help businesses make cross-border payments and enjoy competitive foreign exchange rates”.

“At Visa, we remain committed to working with our partners and being at the forefront in providing innovative payment solutions, helping businesses streamline their payment processes and improving the efficiency of international payments,” said Chatterjee.

Over the coming months, Airwallex plans on expanding its card functionality, including enabling physical cards for business owners and for their employees’ work expenses, and digital wallet integration, further empowering them to make everyday business purchase decisions.

Airwallex was founded in Melbourne in 2015, and in just six years, the company has secured more than $800 million in funding and a valuation of $5.5 billion. The Airwallex group currently serves tens of thousands of customers across all the markets it operates in, including leading global brands such as Qantas, Papaya Global and Plum.

Re-disseminated by The Asian Banker

Diary of Activities