Airwallex gets approval for full launch in Malaysia

Airwallex, a Melbourne-founded payments and fintech firm, said Bank Negara Malaysia has approved its e-money issuing and Class A licenses, allowing a full commercial launch and a wider set of local payment services.

The company said the approvals add to its existing Class B money services business license and its registered merchant acquirer status in Malaysia.

Airwallex said the expanded permissions let it offer multicurrency accounts, foreign exchange, and cross-border payouts through one platform, and it quoted Arnold Chan, general manager for Asia-Pacific, as saying Malaysia is a strategic market.

The company said it grew its Malaysia team 66% in 2025, plans to double headcount in 2026, and processed over RM2 billion (US$494.2 million) in remittance transaction volume in 2025.

🔗 Source: Airwallex

🧠 Food for thought

Implications, context, and why it matters.

Malaysia is licensing foreign fintechs to update its financial sector

Airwallex’s approval fits a wider run of permissions from Bank Negara Malaysia for overseas firms.
Class A matters since it covers remittance and currency exchange services, which goes beyond the remittance-only Class B license Airwallex previously held 3.
The approvals back a regulatory push to bring in specialised digital financial services for small and medium-sized businesses that trade across borders 4.

These licenses add fuel to the race to build regional business finance super-apps

Malaysia’s highest licenses help fintechs set up an operating base that can support expansion across Southeast Asia.
XTransfer plans to run its regional operation from Malaysia, pointing to local talent plus governance that can support scaling across ASEAN (the Association of Southeast Asian Nations) 4.
Product teams are bundling payments, foreign exchange, and other tools into one platform, which can undercut the piecemeal services offered by many banks.
The aim is one provider for paying bills, holding funds, and investing, an experience legacy institutions often struggle to match 2.