Global payments platform Airwallex has been granted a Major Payment Institution License in Singapore by the Monetary Authority of Singapore (MAS) under the Payment Services Act.
Airwallex will progressively introduce a suite of product and service offerings that will enable businesses in Singapore to operate and grow across the ASEAN region and globally.
This includes a modern global business account, multi-currency wallet company and employee cards, spend management, online payments, international collection and transfer, in addition to other value-add solutions for small and medium-sized businesses, and APIs for larger businesses.
The regulatory approval follows the companyâ€™s entry into Southeast Asia after securing a money service business (MSB) license in Malaysia. The PayTech unicorn also raised its valuation to $4bn in September this year following the close of an oversubscribed Series E funding round.
Jack Zhang, CEO and co-founder of Airwallex, said the company continues to make steady progress in Southeast Asia, â€œReceiving this approval reflects our robust policies, compliance framework and risk management systems we have put in place.
â€œWe will continue to work closely with regulators and partners to ensure we facilitate a safe, effective and transparent way to manage their cross-border financial transaction needs. We look forward to launching our services in Singapore next year and enabling businesses in Singapore to operate globally without borders.â€
Singapore has established a strong FinTech market over the years. Since 2017, a total of $6.7bn has been invested through 457 investment rounds, according to data from FinTech Global.Â
The country’s FinTech sector experienced a significant drop off during 2020, falling from $2.1bn annual investment to just $884.2m. However, it looks to have recovered from the draught. In the opening six months of 2021 $1bn has been invested through 97 funding rounds.