SINGAPORE, May 10, 2022 /PRNewswire/ -- After officially entering the Singapore market in January, leading global fintech Airwallex continues to progressively roll out key offerings in its global payments suite with today's launch of its Airwallex Borderless Card and integrated expense management solution.
Available to all Airwallex customers in Singapore today, the Airwallex Borderless Card is a virtual multi-currency Visa business debit card that enables businesses to easily make online card payments anywhere that Visa is accepted, from Singapore, to the rest of the world.
Singapore-based companies can now instantly generate and issue virtual multi-currency business debit cards to promptly pay third parties, such as vendors and other online merchants, with Airwallex's market-leading foreign exchange rates, wherever Visa cards are accepted. These virtual cards will enable Singapore businesses to transact in more than 140 currencies and expand into new markets with confidence, knowing that their payments are secure, transparent, and fast.
In addition to the Borderless Card, Airwallex is also launching its Expenses solution in Singapore today. Singapore businesses will be able to streamline their expense processes with a single integrated platform to manage spending, seamlessly upload receipts for approval, reconcile expenses, and gain real-time visibility over card transactions.
Airwallex and Visa first announced their global strategic partnership in February 2020, and have since successfully introduced the Airwallex Borderless Card to businesses in Australia, Hong Kong, United Kingdom, Europe, and the United States.
"We've seen many of our global customers benefit from our cards offering, including significant cost savings on USD Software as a Service (SaaS) card spend and international transfer fees. We are so pleased that we can now offer Singapore businesses all the same benefits, providing them with greater flexibility and control over their cross-border card payments," said Arnold Chan, Airwallex's Head of Growth for Singapore.
"Today's virtual cards and expenses launch is another significant step towards a full rollout of our global payments offerings in Singapore. We strive to become an integral one-stop shop for any Singapore business requiring support with business finances across the entire transaction lifecycle, and by doing so, empower them to manage and grow both their local and global operations exponentially," added Arnold.
"Based on a Visa study[1], 90 per cent of businesses believe that new forms of digital payments are fundamental to their growth. With Singapore being a global hub for commerce and our SMEs looking to transact with counterparties globally, it is crucial to empower them with convenient and seamless cross-border payment solutions. We are pleased to partner with Airwallex to introduce virtual cards with multicurrency capabilities in Singapore and help businesses make cross-border payments and enjoy competitive foreign exchange rates," said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.
"At Visa, we remain committed to working with our partners and being at the forefront in providing innovative payment solutions, helping businesses streamline their payment processes and improving the efficiency of international payments," said Kunal.
Over the coming months, Airwallex plans on expanding its card functionality, including enabling physical cards for business owners and for their employees' work expenses, and digital wallet integration, further empowering them to make everyday business purchase decisions.
Airwallex was founded in Melbourne in 2015, and in just six years, the company has secured more than US$800 million in funding and a valuation of US$5.5b. The Airwallex group currently serves tens of thousands of customers across all the markets it operates in, including leading global brands such as Qantas, Papaya Global and Plum.
About Airwallex
Airwallex is a global payments platform with a mission to empower businesses of all sizes to grow without borders, and by doing so, contribute to the global economy. With technology at its core, Airwallex has built a financial infrastructure and platform to help businesses manage online payments, treasury and payout globally, without the constraints of the traditional financial system. Airwallex has raised over US$800 million since it was established in 2015, and is backed by world-leading investors. Today, the business operates with a team of over 1,000 employees across 19 locations globally. www.airwallex.com.
[1] Visa Back to Business Study - The Visa Back to Business Study was conducted by Wakefield Research in December 2021 and surveyed 2,250 small business owners and 5,000 consumer adults in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE and US.
