Global payments startup Airwallex has announced that its Singapore entity has received a major payment institution license from the Monetary Authority of Singapore (MAS).
The license, announced at the ongoing Singapore FinTech Festival, will allow Airwallex Singapore to offer a suite of payment services, such as account issuance, domestic money transfers, cross-border money transfers, merchant acquisition, and e-money issuance.
Airwallex CEO and co-founder Jack Zhang / Photo credit: Airwallex
The Hong Kong-based payments firm said it would “progressively” roll out a suite of products and services to help businesses in Singapore operate and grow across the ASEAN region and globally.
Some of these upcoming services include multicurrency wallets for small and medium-sized businesses, company and employee cards, as well as spend management, online payments, international collection and transfer features, and more. It also plans to offer an application program interface for large enterprises.
“We look forward to launching our services in Singapore next year and enabling businesses in Singapore to operate globally without borders,” Airwallex CEO and co-founder Jack Zhang said in a statement.
The latest announcement comes close on the heels of the startup receiving a money services business license from the Central Bank of Malaysia. The license allows the firm to offer international payment solutions to businesses in the country.
Editing by Collin Furtado and Jaclyn Tiu
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