Airwallex Secures Payment License in China, Boosting Global Expansion
Airwallex, a leading global payment processing company, has made significant strides in China's payment industry. The company, founded in 2015, has recently obtained a payment license in mainland China, becoming the second foreign payment institution to do so.
Airwallex's journey began when co-founders Jack Zhang and Max Li, both alumni of the University of Melbourne, noticed the high foreign exchange costs and banking expenses faced by small and medium enterprises (SMEs) in cross-border payments. To address this, they established Airwallex in 2015, initially operating a coffee shop called Tukk & Co in Melbourne.
The company has since grown into a global platform with over 1,400 employees in 20 offices worldwide. Airwallex offers an all-in-one solution for global payment processing, currency exchange, payments, and expense management. Its core advantage lies in providing a comprehensive solution for businesses operating internationally.
In 2022, the overall market size for cross-border B2B trade payments in China reached RMB 4.9 trillion (USD 669.73 billion). The company's expansion comes at a time when the industry is predicted to lead the growth in cross-border B2C e-commerce payments, with a growth rate of 20.1% in 2023. Additionally, the transaction volume of comprehensive third-party payments in China is expected to grow by 14.5% year-on-year in 2023.
Airwallex's obtaining of a payment license in mainland China signals a significant step forward for the company. With the global payment industry expected to grow, Airwallex's comprehensive solution positions it well to serve businesses operating internationally, addressing the challenges faced by SMEs in cross-border payments.
