Global payments platform Airwallex has officially launched its cross-border payment services in Malaysia. This announcement follows the company’s success in securing a money services business license from Bank Negara Malaysia in August last year.
In a statement issued by the company, ‘qualified businesses’ in Malaysia will be able to fully utilize Airwallex’s fast, transparent and cost-effective foreign exchange conversions and payouts in more than 130 countries. The Australian fintech unicorn will be looking into continuously extending this service to more businesses across Malaysia over the next few months.
Airwallex was founded by Jack Zhang and Max Li in 2015 after they recognised first-hand the impact of high FX fees and banking costs on their profit margins, and sought out to build a better solution for businesses operating cross-border, improving on the constraints of the current global financial system.
The company aims to empower all businesses with manage online payments, treasury and payout globally, without the constraints of the traditional financial system through its specially built financial infrastructure and platform.
Additionally, the startup made its mark in Singapore with the acquisition of a Major Payment Institution License by the Monetary Authority of Singapore.