Global payments platform Airwallex has launched a borderless card and new expenses solution for Singapore businesses to integrate spending processes and make international payments easier.
The Airwallex Borderless Card is a virtual multi-currency Visa business debit card that it says offers competitive foreign exchange rates and enables businesses to easily make cross-border digital payments.
At the same time, the company is offering a single integrated platform for Singapore firms to streamline expense processes and manage spending, including easily uploading receipts for approval and having real-time visibility over card transactions.
Airwallex and Visa have been in partnership since February 2020 and have already launched the borderless card for businesses in Australia, Hong Kong, the United Kingdom, Europe, and the United States.
A Visa Back to Business Study of small business owners and consumers in nine markets found that 90 per cent of businesses believe that new forms of digital payments are fundamental to their growth.
Arnold Chan, Airwallex’s head of growth for Singapore, said the virtual cards and expenses platform were the latest steps towards a full rollout of its global payment offerings in the city-state.
“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,” Chan said in a statement.
The fintech has been rolling out services in the Asia Pacific this year after entering the Singapore market in January.
Airwallex launched cross-border payments services for Malaysian businesses in March after being granted a money services business license by Bank Negara Malaysia last year.
In April, the platform introduced a payments initiative with local partners in Hong Kong to help small businesses re-open and recover after the Covid pandemic.
Airwallex said it has secured more than US$800 million (S$1.1 billion) in funding rounds since it was founded in Australia six years ago, creating a market valuation of US$5.5 billion (S$7.6 billion).
The company has yet to confirm reports from late April which said Airwallex is currently seeking up to US$150 million (S$207 million) in additional Series E funding for the next phase of its expansion.