Payments unicorn Airwallex secures Malaysia money services license

Airwallex, an Australia-founded global financial technology unicorn, announced that it will start offering its payment solutions to Malaysian businesses in early 2022.

This, after the company has secured a money services business license from the country’s central bank, Bank Negara Malaysia. The license marks Airwallex’s entry into the Southeast Asia region.

The new license will allow Airwallex to offer modern, streamlined, and integrated international payment solutions for Malaysian businesses of all sizes, from SMEs to large enterprises, to efficiently manage their operations, the fintech unicorn said.

“From early next year, businesses in Malaysia can enjoy fast, transparent, and cost-effective international payments in multiple currencies, empowering them to operate and grow globally,” according to the announcement.

Through the Airwallex platform, they will have the ability to collect funds from customers across the globe in different currencies, convert and pay out into preferred currencies.

This marks another milestone for Airwallex as the company sets its sights on growing its presence in Southeast Asia, with teams in Singapore and Malaysia to support ASEAN businesses.

Globally, the company currently has licenses and is operational in Australia, Hong Kong, the UK & EU, and the US.

“For many businesses, operating across borders is expensive, time-consuming, and cumbersome. This pain point is exactly why we started Airwallex. From day one, we set out with a purpose to empower businesses of all sizes to grow without borders.” said Jack Zhang, CEO and Co-founder of Airwallex.

Zhang stressed that Malaysian businesses have been looking to tap into Southeast Asian markets to remain competitive, requiring a trusted payment partner for their regional and global expansion.

“With this new licence, Airwallex aims to replicate the success that it has achieved from servicing leading companies in other regions with businesses in Malaysia,” he added.

Founded in 2015, Airwallex is one of the fastest-growing financial technology companies today. Earlier this year, Airwallex announced an additional Series D capital raise of $100 million which increased its valuation to $2.6 billion. The company has over 900 staff across 12 global offices today.