FINTECH platform Airwallex officially launched its full suite of services in Malaysia early this year after securing additional regulatory approvals from Bank Negara Malaysia, including for e-money issuance and a “Class A” Money Services Business licence.
Together with its registered merchant-acquiring status, these approvals enable the company to offer Malaysian businesses a more complete suite of financial services for operating locally and internationally.
But what does Airwallex actually do?
Put simply, Airwallex brings the main financial tasks involved in running an international business into a single, unified online platform.
Instead of using different providers to collect payments, hold and convert currencies, pay suppliers and manage company spending, businesses can do it all through one platform.
Receive international payments
Malaysian businesses can accept online payments from customers at home and overseas through cards, digital wallets and over 160 other local payment methods. These include cards, FPX, DuitNow, GrabPay and Touch 'n Go.
Businesses can also use payment links, online checkout tools or integrations with e-commerce platforms such as Shopify and WooCommerce.
For overseas bank transfers, Airwallex Global Accounts provide local account details in selected markets and currencies.
This means an overseas customer can pay a Malaysian business through a familiar domestic transfer, rather than arranging a traditional international payment.
Hold and manage money
Money received in different currencies can be held in a multi-currency wallet instead of being converted into ringgit immediately.
For example, a business paid in US dollars can retain those funds in the same currency and use them for overseas advertising, software subscriptions or supplier payments.
This can reduce unnecessary currency conversions while giving finance teams a clearer view of the company’s funds across different markets.
Send money internationally
Businesses can use Airwallex to pay vendors in more than 200 countries with access to market-leading international foreign exchange (FX) rates.
Payments are routed through local payment networks where available, reducing reliance on traditional SWIFT transfers and helping businesses move money faster and more cost-effectively.
Currency conversion is also available within the platform, enabling businesses to manage transfers and foreign exchange together.
Manage company spending
Airwallex also helps businesses manage money spent internally.
Companies can issue corporate and employee cards, set spending limits, track expenses, collect receipts and manage bill payments.
In addition, finance teams can establish approval rules and view company spending on one dashboard, reducing the manual work involved in checking claims and reconciling transactions.
Connect financial processes
The platform also integrates with accounting and business software including Xero, QuickBooks and NetSuite.
Financial data can therefore be synchronised easily, helping finance teams spend less time transferring information between disconnected systems and spreadsheets.
Helping Malaysian businesses scale globally
For Malaysian Airwallex customers, such as baby-care brand Applecrumby, these capabilities have translated into practical savings and more time for growth.
“With better pricing on payments, currency exchange and transfers, we’ve saved substantially – and focused our time to grow the business,” said Applecrumby finance director Winson Lee.
The company reported payment gateway costs that were 0.5% lower, savings of approximately RM100 per international transaction, and go-to-market timelines that were two to three times faster.
Additionally, Malaysian eco-fashion brand Kualesa founder and chief executive officer Ariff Faisal said: “As Kualesa expands beyond Malaysia, having a financial platform that can support multiple markets and currencies helps us manage growth with greater clarity and confidence. It allows our team to spend less time navigating fragmented financial processes and more time building the business.”
As businesses expand across borders, managing payments, currencies, expenses and transfers can quickly become more complex.
Airwallex brings these financial processes together in one platform, giving businesses a simpler way to manage their global operations as they grow.
For Malaysian companies with regional and global ambitions, the proposition is straightforward: Collect, hold, convert, send and spend money globally, without managing a patchwork of disconnected financial systems.
For more information, visit www.airwallex.com.
