Australia-based fintech firm Airwallex recently announced that it has secured a money service business licence from the Malaysian central bank, media reports said. The licence will allow the firm to provide integrated international payments solutions in the country. Airwallex recently launched in the US as well, as a part of its expansion plan in North America.
Jack Zhang, CEO and co-founder of Airwallex said, “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.”
“Malaysia-based businesses have been looking to tap into Southeast markets to remain competitive, requiring a trusted payment partner for their regional and global expansion. With this new license, Airwallex aims to replicate the success it has achieved from servicing leading companies in other regions with businesses in Malaysia.”
“Our solutions will help both local and global businesses in Malaysia focus on their international operations and expansion, without having to navigate the nuances of establishing their own cross-border financial infrastructure.”
Currently, Airwallex’s services are available in Singapore and it also operates in Hong Kong. However, it plans to further expand in the Southeast Asian region. In March, it raised $100 million which helped the firm achieve a valuation of $2.6 billion. It was reported that Airwallex is currently looking at a valuation of between $3.5 billion and $4 billion.