Airwallex is a global payments and financial platform that helps businesses manage the demands of international expansion, from rising costs and fragmented financial systems to regulatory challenges. Unlike competitors focused on standalone consumer or single-feature products, Airwallex offers a unified, business-centric solution. For small and medium-sized enterprises (SMEs) juggling high fees, disconnected systems and manual reconciliation processes common in cross-border operations, Airwallex provides a centralised platform integrating payments, foreign exchange (FX), multi-currency accounts, treasury and expense management. This integrated approach streamlines workflows, improves financial visibility and control and ultimately reduces the operational burden for expanding businesses. This business-focused model has driven strong momentum. In fiscal year 2024 (FY2024), Airwallex’s Singapore revenue rose 153% year-on-year, while transaction volume climbed 159%. In quarter four (Q4) of 2024, its revenue increased by 215% and volume by 192%. “Our growth in Q4 and FY2024 highlights the increasing demand of local businesses for smarter, faster ways to operate globally,” said Lucy Liu, co-founder and president of Airwallex. “We had a lot more customers, and our existing customers were also transacting more.” Addressing key SME pain points Airwallex surveyed 250 SMEs across industries in Singapore to better understand local business needs. While 80% expressed confidence in the broader business outlook, they cited rising costs, labour shortages and cross-border cash flow management as top challenges. “Most SMEs don’t have large cash reserves,” said Ershad Ahamed, head of Southeast Asia at Airwallex. “Much of their revenue goes back into the business, so managing cash flow becomes essential.” It's precisely these pressures that Airwallex aims to alleviate, as Ahamed explained: “Understanding their pain points allows us to design and provide products and services that address their priorities and pressures. As their partner, we’re here to empower them to scale with smarter, more resilient financial tools, addressing the various financial pressures they encounter with the speed, transparency, and efficiency our solutions provide.” Specifically, Airwallex helps SMEs improve cash flow by accelerating fund transfers, optimising FX rates and simplifying account management. Businesses can open local currency accounts online across markets with no monthly fees or telegraphic transfer (TT) charges. Multi-currency corporate cards with cashback help reduce expenses and simplify reconciliation, giving SMEs tighter control over their daily finances. For example, EU Holidays, a business in Singapore operating travel tours, uses Airwallex to pay overseas suppliers in local currencies via local rails, avoiding banking fees and double conversions that significantly improved margins. Simplifying cross-border expansion Airwallex has extended its regulatory footprint across Asia-Pacific (APAC) through a mix of organic licensing and strategic acquisitions. In 2025, it acquired CTIN Pay, a regulated payment service firm in Vietnam. “In some markets, acquisitions help us move faster, whether it’s unlocking regulatory licences or gaining strong local capabilities,” Liu explained. Airwallex now holds more than 60 licences globally. In APAC, it holds licences in Singapore, Hong Kong, Australia, Malaysia, New Zealand, mainland China, and Japan. This extensive regulatory coverage, paired with robust internal technology, provides SMEs with a crucial advantage. “Our unrivalled tech platform and infrastructure spanning the globe provide businesses here with the solution they need to unlock their cross-border opportunities,” Liu stated. With a regulated infrastructure ready, Airwallex gives SMEs straightforward access to compliant financial tools across different markets. Combining internal tech with global partnerships To extend its global reach of payments, Airwallex partnered with payments orchestration platform Yuno, enabling access to more than 1,000 payment methods across over195 countries. It also integrated with platforms like Amazon and PayPal, allowing businesses to collect and pay in local currencies. This expands the platform’s utility for SMEs accepting payments or operating in diverse markets. Airwallex’s strong internal architecture reinforces these partnerships. “If building ourselves is faster and better, we do that instead,” said Liu. Building in-house “means better integration” with their existing infrastructure, she explained. This approach allows Airwallex to respond quickly to changing business needs and deliver a seamless experience across payments, FX, treasury and expense management. Earning SME’s trust with speed and reliability Fintech adoption among Singapore SMEs is high. About 96% of its survey respondents have adopted or plan to adopt fintech solutions, with 91% trusting fintechs to manage their financial operations. While most SMEs still rely on banks as their primary financial institutions, they increasingly turn to fintechs for faster, more flexible alternatives. “The largest competitor we have is still the traditional financial institutions,” said Liu, underscoring how banks continue to dominate SME financial relationships, even as fintechs gain traction through better speed and integration. What sets Airwallex apart is its ability to move quickly. “Integrating with a traditional bank might take six months,” Liu explained. “With Airwallex or other fintechs, it’s a single application programming interface (API), sometimes just two or three weeks to unlock all the features on the platform.” This agility allows SMEs to launch new features, enter markets, and adapt quickly without legacy delays. Although fintech trust is rising, switching remains a challenge. Long-standing relationships and perceptions of stability keep SMEs tied to banks. Speed and reliability help fintechs like Airwallex compete, but earning SME adoption also requires delivering the trust, confidence, and continuity businesses have come to expect from banking services The evolving landscape of fintech offerings As fintechs compete to win over SMEs from traditional banks, many introduce yield products that help businesses earn returns on surplus cash without locking up liquidity. Competitor platforms like Revolut and Wise have moved early to offer SMEs new ways to earn returns on unused cash. Revolut's Flexible Accounts allow businesses to deposit funds with no minimum balance requirement. These accounts offer attractive interest returns while offering withdrawal options. Likewise, Wise Interest offers a similar proposition with lower-risk investments, providing instant withdrawal access to deposited funds, making it suitable for businesses needing ready cash for daily operations. Airwallex has developed Airwallex Yield, a solution launched in Australia and in the midst of launching in Hong Kong. Unlike standalone competitor offerings that focus primarily on either variable yield potential or low-risk liquidity, Airwallex Yield's differentiation lies in its deep integration. It is fully embedded within Airwallex’s broader financial platform, allowing businesses to earn competitive daily returns on idle funds without transferring money out or sacrificing access within the same interface they use for payments, FX, treasury and expenses. This integrated experience directly supports SMEs looking to simultaneously enhance returns and maintain operational cash flow flexibility within a single platform. Building scalable infrastructure for SME growth Airwallex’s growth in Singapore reflects a broader shift in SME financial needs, from traditional banking to digital platforms combining agility, cost efficiency and global reach. As businesses move beyond fragmented tools and legacy systems, they look for partners that can consolidate financial operations and grow with them. Whether managing cash flow, reducing FX fees, or accelerating international expansion, Airwallex provides the infrastructure businesses need to compete globally. By combining payments, treasury, and yield products in one place, it is evolving into a comprehensive financial operating system built for scale. “We were built on modern technologies,” said Liu. “We’re building the future of finance for businesses, and perhaps consumers as well.” Airwallex isn’t just adapting to the needs of modern businesses. It is helping define them, enabling SMEs to grow across borders with less complexity, greater control, and more resilience.
