Fintech platform Airwallex has launched its payment service in Singapore following the receipt of a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).

The payment service has been rolled out in the country after a beta launch in November last year.

Businesses in Singapore can now leverage global payments services offered by Airwallex. These services include global account issuance, multi-currency wallets, domestic and cross-border money transfer, and online payments acceptance.

The company plans to progressively roll out its other key offerings, including multi-currency company and employee cards, spend management.

It also plans to introduce an API suite in the country for technology-first businesses that need embedded payments and financial services.

The Airwallex’s entry to Singapore will enable its customers around the world to receive funds locally in SGD, and make their businesses more accessible to the Singapore market.

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Airwallex Singapore CEO Nazim Ali said: “Singapore has established itself as a major international hub for global technology and innovation, supported by a dynamic business community across startups, major financial service institutions and a growing talent pool.

“Since we were founded, we have enabled the global growth of many businesses. With this official launch we’re pleased to be able to empower Singapore businesses in the same way by supporting their payment needs across their entire transaction life cycle.”

Established in 2015, Airwallex has a presence across Asia-Pacific, Europe, and North America. The firm has over 1,000 employees working in 19 locations, including Singapore.

It plans to expand the Singapore team by four-fold by the end of this year.

Airwallex, which is looking to strengthen its presence across the ASEAN region, is preparing for a launch in Malaysia after obtaining a money service business license in the country recently.

In November last year, the firm raised $300m in its Series E and E1 fundraising rounds, taking its valuation to $5.5bn.

Nazim Ali further said: “Growing our presence and payments capability across Southeast Asia is part of our ambitious expansion plan for 2022, and Singapore is no doubt instrumental to this growth.

“We look forward to expanding our product suite and supporting businesses in Singapore, as well as tapping into its influence as a leading tech and innovation hub to better serve our customers in the region.”