Airwallex secures international payments license in Malaysia

Global payments startups Airwallex said it secured a money services business (MSB) license from the Central Bank of Malaysia (Bank Negara Malaysia) which allows it to offer international payment solutions for businesses in the country.

Jack Zhang, co-founder and CEO of Airwallex / Photo credit: Airwallex

Starting early next year, the company will begin offering the service to small and medium-sized businesses as well as large enterprises. With it, these firms will be able to collect funds from customers across the globe in different currencies and convert and pay out these amounts into the preferred currencies.

“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,” said Airwallex co-founder and CEO Jack Zhang.

With the license, Airwallex can expand its portfolio of services in countries such as Australia, Hong Kong, the EU, UK, and the US, with over 900 employees across 12 global offices. In Southeast Asia, the company has offices in Singapore and Malaysia.

Earlier this year, Airwallex announced it secured an additional series D raise of US$100 million, a deal that boosted its valuation to US$2.6 billion. Following the fundraise, it was reported that Airwallex would be raising another round to accelerate its global expansion, eyeing a valuation of between US$3.5 billion to US$4 billion.