Airwallex provides upbeat Singapore update

Source: Airwallex. Reception area at Airwallex Singapore.

Global fintech platform Airwallex has shared that it grew 13x (1,213%, against 120% globally) year-on-year in Singapore in 1H23 in terms of revenue, and expanded more than 11x (1,015%, against 74% globally) by total transaction volumes over the same period.

The company's recently-launched global headquarters is in Singapore, where Airwallex has built a strong ecosystem of customers, partners and collaborators such as the Singapore Fintech Association, the Australian Trade and Investment Commission, and Visa.

Airwallex has been scaling up its operations and global footprint, including across Southeast Asia. This is where Singapore's advantages come to fore - it is home to more than 55,000 startups and ranked as the No. 1 country in Asia with the most promising startup ecosystem*, making it an ideal springboard into Southeast Asia and the wider Asia-Pacific region. Startups are typically small and medium sized enterprises (SMEs) and focused on growing internationally.

Research conducted by Airwallex has uncovered a great deal of potential demand for its services, especially among SMEs. Its Global Embedded Finance Report found that:

- A third of Singapore SMEs are the most sceptical about a traditional bank meeting their financial services needs.

- Six in 10 (62%) think software-as-a-service (SaaS) platforms or marketplaces that offer embedded finance services can effectively serve their needs.

- Three quarters of SMEs in Singapore say they would be ready to switch their banking solution provider for a like-for-like alternative from their software provider.

A separate survey of Singapore SMEs conducted in 1H23 found that:

- 93% of SMEs trust fintech platforms with their business finance needs

- Two thirds of SMEs are looking to either reduce businesses spend or optimise operations through technology

Airwallex trumps traditional infrastructure with a connected, integrated network that offers fast cost-effective transactions. Its 100 K+ customers include companies which deal with a lot of payments internationally, such as travel industry players, as well as companies which are expanding internationally. As of Q323, the company's top customer verticals include ad agencies, computer software companies, hotels, business service providers, and travel-related companies.

“Singapore’s connectivity across Asia-Pacific makes it a key location for us as we further strengthen our presence across the region. We are dedicated to working hard to provide the best products and solutions, and look forward to fostering closer collaboration with our customers and partners,” said Kai Wu, Chief Revenue Officer and Asia-Pacific Executive GM, Airwallex.

Arnold Chan, GM, Asia, Airwallex added: “As one of our fastest-growing markets to date, we are confident about our growth in Singapore and will continue to invest in the business across Southeast Asia.”

The company shared that it is committed to extending its global reach, building up its partner ecosystem, and enhancing its infrastructure and platform. Geographically, Airwallex will continue to expand in Singapore as well as in Malaysia, and aims to grow its headcount to more than 200 in the next year. Its headcount is up 775% since its Singapore launch in January 2022.

Recent Airwallex developments include a new Airwallex for Startups programme in Hong Kong, and the launch of a new Yield product in Australia. 

*Global Startup Ecosystem Index by StartupBlink.