Airwallex announced that it has received approval from Bank Negara Malaysia (BNM) for its e-money issuing and Class A licenses. The licenses essentially allow the financial platform to cover remittance and currency exchange.
Prior to this, Airwallex only had a Class B Money Services Business License, meaning that the company was only limited to conducting remittance business only. Basically, cross-border payments, B2B payments, and wallet payouts within Malaysia.
“Malaysia is a strategic market for Airwallex, and these approvals enable us to bring our full financial infrastructure to businesses on the ground,” said Arnold Chan, General Manager, Asia-Pacific (APAC), Airwallex. “We’re excited to support local businesses in scaling internationally, and to play a role in strengthening Malaysia’s position as a hub for regional and global growth. Holding both e-money issuance approval and a Class A licence strengthens Airwallex’s position as a fully regulated financial platform for businesses in Malaysia. This enables Airwallex to deliver comprehensive financial infrastructure – going beyond payments to support multi-currency accounts, FX, and complex business use cases within a single, unified platform.”
Airwallex first came under our radar last year, when it announced the launch of its multi-currency wallet and new prepaid card. The card, features a slick black design, both at the front and back, with an orange accent around the edges of the card. As for its functions, it will technically work the same as any fintech that offers multi-currency services, like Wise. Basically, you transfer a specific amount of money into the new wallet via your preferred bank. Airwallex says that there will be zero transaction fees at this point.
The main difference between a digital wallet in Airwallex and the wallet from Wise is that, with the former, the brand’s focus is towards the B2B sector.
(Source: Airwallex)
