Australian FinTech platform Airwallex on Thursday (Sept. 2) announced that the company has secured a money services business (MSB) license from Bank Negara Malaysia, which will allow Airwallex to offer integrated international payment solutions for Malaysian businesses of all sizes.
Starting next year, Malaysian businesses will be able to send and receive international payments in multiple currencies, and Airwallex will continue its growth in southeastern Asia, with services also available in Singapore. The company also operates in Australia, Hong Kong, the U.K., the U.S. and the EU.
“For many businesses, operating across borders is expensive, time-consuming and cumbersome,” said Jack Zhang, CEO and co-founder of Airwallex, in the company announcement. “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,” he said. “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.”
Related news: Australian FinTech Airwallex Seeks $3.5B Valuation
Airwallex is looking at a valuation of between $3.5 billion and $4 billion, Tech in Asia reported on Friday (Aug. 27), citing a Bloomberg report.
This comes after Airwallex raised $100 million in March in a Series D round, which upped its valuation to $2.6 billion. In July, the company raised $200 million for Capital 49, its own venture capital fund, which it has used to invest in two other FinTechs.
Airwallex achieved unicorn status two years ago following its $100 million Series C fundraising round.