Beyond funding: How Airwallex aims to supercharge Singapore’s startups

Picture this: A young fintech company – fueled by a brilliant idea and the drive to revolutionize digital payments – is gaining traction, securing clients, and even expanding internationally.

But its growth hits a snag.

It’s become entangled in the labyrinthine world of international payments, where it needs to wrestle with hidden fees and battle slow transfer times.

Photo credit: Shutterstock

Meanwhile, across town, a budding ecommerce platform finds itself bogged down by the complexities of managing multiple currencies and reconciling cross-border transactions. The team’s innovative spirit has been stifled by the operational headaches of financial management.

These are the pain points that Airwallex, a global financial platform empowering businesses to scale beyond borders, aims to alleviate with its latest initiative.

After running successful programs in Australia and Hong Kong, Airwallex for Startups has launched in Singapore, offering a suite of resources designed to catapult young companies to new heights.

Arnold Chan, general manager of Asia at Airwallex / Photo credit: Airwallex

“Startups are the backbone of innovation and progress around the world, and this program is designed to help Singapore’s entrepreneurs achieve their ambitions, take risks on their ideas, expand their reach, and continue to build their businesses beyond borders,” says Arnold Chan, general manager of Asia at Airwallex.

Coming to Singapore

The decision to launch the program in Singapore was driven by the city-state’s increasingly positive business climate and its people’s entrepreneurial spirit. Airwallex aims to capitalize on this energy by providing local businesses with the tools and connections they need to thrive in the global market.

The firm has meticulously tailored the program – now in its third iteration – to the specific needs and preferences of local businesses. This involved collaborating with key ecosystem partners in Singapore and ensuring that the program mechanics would be truly beneficial to the local landscape.

From left: Maria Li, COO of Tech in Asia; Cher Hao Low, head of SME and growth at Airwallex; Dominic Ong, CFO of Endowus; and Markus Bruderer, partner at Antler / Photo credit: Airwallex

One of the bigger challenges in building such a program, Airwallex shares, is attracting established companies willing to help fledgling businesses. However, Airwallex has managed to do so and credits this to its strong network of like-minded partners that share a passion for supporting the startup ecosystem.

This network, which includes the likes of Google, HubSpot, and Xero, will grant participating startups access to a wealth of resources, including exclusive offers, educational content, and networking opportunities.

A springboard for startups

The culmination of the program will be a grand finale held in Q4 this year, when Airwallex will announce the winner of the coveted S$10,000 (US$7,500) Level-up Business Grant.

One of Airwallex’s key partners that helped inspire the creation of this grant is McLaren Racing, which uses Airwallex’s multicurrency platform to speed up cross-border payments and reduce transaction fees. The two organizations have been working closely since forming a partnership in February this year, and will also be jointly hosting an invite-only event during the 2024 Singapore Grand Prix.

However, Airwallex recognizes that capital – while crucial – isn’t the sole ingredient for startup success. Equally vital is access to guidance, resources, and a network of like-minded individuals.

Take, for example, Gether, an Australian company that uses AI to help families organize and distribute household responsibilities. The company participated in Giants Mentoring, a program under Australian VC firm Blackbird.

Gether caught the eye of Airwallex after it won first place at the Giants Mentoring Pitch Competition, where the financial platform was the grant sponsor for the winning startup. Following that, Gether successfully attained the Business Acceleration Grant through the Airwallex for Startups program.

Catching the right eyes / Photo credit: Airwallex

“We got into the Giants Mentoring program, and [Airwallex] asked us why we weren’t doing a pilot,” Gether co-founder Elly Bartens shares. “So, we got a group of 20 moms and we ran a pilot last year for a few months and got all sorts of insights about what features are useful and what aren’t. That was really successful.”

Bartens adds: “We found we have a product-market fit of 89%, so we went crazy building the beta prototype that we launched in March. And it’s been going really well so far. We’ve had signups across 12 countries, so we know it’s got really good global appeal.”

For its Singapore edition, Airwallex for Startups promises regular community events, kicking off with Google and HubSpot in August and September 2024. These events are designed to foster knowledge sharing, highlight success stories, and facilitate networking within the startup community.

Going beyond

So far, the Australian edition of Airwallex’s program has welcomed over 1,000 members and distributed A$15,000 (US$9,900) in grants to winners over eight weeks.

Meanwhile, the Hong Kong program, driven by partnerships with companies like Bowtie, The Executive Centre, and Xero, provided startups with access to resources aimed at enhancing cost and operational efficiency, allowing them to prioritize growth and expansion.

Participants at the Hong Kong edition of the program / Photo credit: Airwallex

The program also facilitated webinars with Hong Kong-based creative digital community Cyberport and networking opportunities with the Hong Kong Science and Technology Parks community. These initiatives were built upon the success of Airwallex’s previous SME Initiative and Go Global campaigns, which benefited nearly 1,000 Hong Kong SMEs.

With its comprehensive support system, strategic partnerships, and proven track record, Airwallex for Startups is poised to make a significant impact on Singapore’s startup landscape.

The Airwallex for Startups program offers a S$10,000 grant, resources from industry leaders like Google and Xero, networking opportunities, and more.

Apply for the program on Airwallex’s website.

APPLY HERE

This content was produced by Tech in Asia Studios, which connects brands with Asia’s tech community. Learn more about partnering with Tech in Asia Studios.