This happened following their successful acquisition of a 100% stake in Guangzhou Shang Wu Tong Network Technology Co., Ltd., an information and online payment services company.
“We are excited to achieve this milestone, and to have completed the acquisition,” said Kai Wu, Chief Revenue Officer and General Manager of Asia Pacific (APAC) at Airwallex.
Wu said that moving forward, they are now prepared to significantly enhance their capabilities to empower entrepreneurs and modern businesses to leverage technology and grow without borders.
In a statement, Airwallex said that Shang Wu Tong Network Technology has a license for online payment services. Their acquisition of the company received approval and endorsement from all relevant China regulatory authorities.
The support that they have been getting from Chinese regulators is an added boost to Airwallex’s existing licenses across major markets around the world, including Australia, the European single market, Hong Kong, New Zealand, Singapore, the United Kingdom and the United States.
With its license, Airwallex can now function as a third-party payment provider in China with increased access in the local market.
In order to better address the ‘pain points’ that are being encountered in doing cross-border transactions between China and the rest of the world, Wu said that their team will work towards integrating their platform.
This means that they will already be able to support even more secure, straight through, effective, efficient and affordable solutions, introducing products and services in China for businesses of all sizes in their global expansion plan.
Airwallex is a global payments and financial platform that caters to modern businesses. The company covers more than 150 countries and posts $50 billion in annualized transactions.
The company’s global financial infrastructure and platform helps businesses manage payments, treasury, as well as card and expenses. They also provide an embedded finance offering for global, digitally native businesses.