Leading global fintech platform, Airwallex, has announced that the company has secured a money services business (MSB) licence issued by Bank Negara Malaysia. The new license will allow Airwallex 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.
From early next year, businesses in Malaysia can enjoy fast, transparent and cost-effective international payments in multiple currencies, empowering them to operate and grow globally. Through the Airwallex platform, they will have the ability to collect funds from customers across the globe in different currencies, convert and pay out into preferred currencies.
This marks another milestone for Airwallex as the company sets its sights on growing its presence in Southeast Asia, with teams in Singapore and Malaysia to support ASEAN businesses. Globally, Airwallex currently has licences and is operational in Australia, Hong Kong, the UK & EU, and the US.
“For many businesses, operating across borders is expensive, time-consuming and cumbersome. This pain point is exactly why we started Airwallex. From day one, we set out with a purpose to empower businesses of all sizes to grow without borders.” said Jack Zhang, CEO and Co-founder, Airwallex.
“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. Our solutions will help both local and global businesses in Malaysia focus on their international operations and expansion, without having to navigate the nuances of establishing their own cross-border financial infrastructure.” Zhang continued.
Earlier this year, Airwallex announced an additional Series D capital raise of US$100 million which increased its valuation to US2.6B. The company has over 900 staff across 12 global offices today.