Li Ka-shing and Tencent-backed Airwallex secures licence via acquisition to serve world’s largest digital payments market
- The deal, approved by all relevant Chinese regulators, means Airwallex is now a third-party online payments provider in China
- China’s cumulative digital payments reached US$3.5 trillion by the end of last year, making it a global leader
The company, founded in Melbourne in 2015, said it obtained a payments business licence in China by way of acquiring 100 per cent of online payments and information services firm Guangzhou Shang Wu Tong Network Technology.
The deal, approved by all relevant Chinese regulators, means Airwallex is now a third-party online payments provider in China, it said in a statement on Tuesday.
“Looking ahead, we can now significantly enhance our capabilities to empower entrepreneurs and modern businesses to leverage technology and grow without borders,” said Kai Wu, Airwallex’s chief revenue officer and general manager of Asia-Pacific, in the statement.
Airwallex’s products allow businesses to accept online payments, conduct foreign exchange transactions, manage cashflows, make domestic and international fund transfers and issue virtual payment cards to staff and suppliers.
China’s cumulative digital payments reached US$3.5 trillion by the end of last year, making it a global leader, followed by the US with US$1.8 trillion, according to Chinese market research firm Daxue Consulting.
