Australian payments and financial firm Airwallex has obtained an online payment business licence in China.

This comes after the firm’s purchase of a 100% stake in Guangzhou Shang Wu Tong Network Technology, which has a licence to provide online payment offerings.

The deal already secured clearance from Chinese regulators.

Airwallex’s newly approved licence allows the firm to operate as a third-party payment provider in China with additional access to the market.

It adds to the firm’s current authorisations in other markets such as Australia, the European single market, Hong Kong, New Zealand, Singapore as well as the UK and US.  

Airwallex chief revenue officer and general manager of APAC Kai Wu said: “Looking ahead, we can now significantly enhance our capabilities to empower entrepreneurs and modern businesses to leverage technology and grow without borders.”

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Wu added: “To better address the pain points encountered in cross-border transactions between China and the rest of the world, our team will work towards integrating our platform.

“This means we can support even more secure, straight through, effective, efficient and affordable solutions, introducing products and services in China for businesses of all sizes in their global expansion plan.”

Airwallex currently offers services to over 150 countries worldwide and handles $50bn in yearly transactions.

The latest approval follows a partnership between Airwallex and American Express regarding the delivery of new payments solutions to merchants across the globe.