Airwallex has expanded its product suite in Singapore with the launch of its Airwallex Borderless Card and integrated expense management solution in the country.
The Australian fintech platform launched its payment service in Singapore this January, a few months after securing a Major Payment Institution license from the Monetary Authority of Singapore (MAS).
Said to be a virtual multi-currency Visa business debit card, the Airwallex Borderless Card allows businesses in Singapore to make online card payments anywhere Visa is accepted internationally.
The move will enable Singapore-based firms to instantly issue virtual multi-currency business debit cards to promptly pay third parties, such as vendors and other online merchants.
Furthermore, the cards will allow businesses to transact in over 140 currencies and expand into new markets.
Airwallex is also launching its Expenses solution in Singapore to help businesses in the country to streamline their expense processes with a single integrated platform.
The business will be able to leverage the platform to manage spending, upload receipts for approval, reconcile expenses, and secure real-time visibility over card transactions.
Airwallex head of Growth for Singapore Arnold Chan said: “We’ve seen many of our global customers benefit from our cards offering, including significant cost savings on USD Software as a Service (SaaS) card spend and international transfer fees.
“We are so pleased that we can now offer Singapore businesses all the same benefits, providing them with greater flexibility and control over their cross-border card payments.”
Airwallex, which signed a global partnership with Visa in February 2020, has since then introduced the Airwallex Borderless Card to businesses in Australia, Hong Kong, Europe, the UK and the US.
Commenting on the development, Visa country manager for Singapore & Brunei Kunal Chatterjee said: “With Singapore being a global hub for commerce and our SMEs looking to transact with counterparties globally, it is crucial to empower them with convenient and seamless cross-border payment solutions.
“We are pleased to partner with Airwallex to introduce virtual cards with multicurrency capabilities in Singapore and help businesses make cross-border payments and enjoy competitive foreign exchange rates.”