Financial services startup Airwallex is launching global payments in New Zealand to offer businesses international collections, multi-currency wallets in over 11 currencies, and local payouts in over 30 currencies, according to a Wednesday (June 29) press release.
The launch provides New Zealand businesses with a transparent, faster and more cost-effective alternative to legacy financial institutions (FIs), the firm said. Businesses will soon have access to Airwallex’s full product suite being progressively rolled out in the market — corporate and employee cards in multiple currencies, spend management, and online payment capabilities.
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Airwallex, registered with the Financial Service Providers Register in New Zealand, was launched in 2015 and is headquartered in Melbourne, Australia. Co-founded by CEO Jack Zhang, Head of Design Max Li, President Lucy Liu and CTO Xijing Dai, Airwallex offers a modern technology stack and financial infrastructure that enables businesses of all sizes to operate internationally.
The company’s cross-border payments and foreign exchange platform offer end-to-end payments and collection solutions. With more than 1,200 employees in 19 offices in China, Australia, Japan, the U.S. and the U.K., the company uses an application program interface (API) that integrates to offer a scalable payments tool in preferred currencies.
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Airwallex Head of Growth for ANZ Sam Kothari said offering services in New Zealand is a “natural next step” following the solidification of its home base in Australia.
“Our entry into the New Zealand market is something our customers have been requesting for some time; businesses tell us they have been deterred from reaching their full potential in this market due to the complexity of making international payments or trading across borders. By providing local businesses with a single global financial platform, we aim to empower them to scale successfully, which is especially critical in this current economic environment,” Kothari said.
Airwallex customers can open a Global Account in New Zealand Dollars (NZD) in seconds, according to the release. Businesses operating across Australia and New Zealand can get paid and make payments in both countries, as well as convert NZD to AUD and vice versa.
Related: Payments Startup Airwallex Could Seek $150M Funding
“Many of our Australian customers have expanded to New Zealand. Ensuring that these Australian businesses now have an efficient and cost-effective way to streamline their financial operations between the two countries can help them with their growth plans in the ANZ region,” Kothari said.
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