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Airwallex, a Hong Kong-based fintech platform, has launched an expense management solution and a virtual multicurrency Visa business debit card in Singapore.
Airwallex said that the new service, called Borderless Card, can be used by businesses in Singapore to make online card payments to other countries globally. Transactions through the service will use the startup’s foreign exchange rates.
The announcement came several months after the company officially enteredthe city-state earlier this year. Prior to Singapore, Airwallex and Visa launched a similar solution in Australia, Hong Kong, Europe, and the US.
Moving forward, the fintech firm plans to expand its solution to enable physical cards and digital wallet integration.
Airwallex was founded in 2015 by Jack Zhang and Max Li. Since then, the company has raised more than US$800 million at a valuation of US$5.5 billion. It has more than 1,000 employees in 19 locations globally that serve customers across Europe, North America, and the Asia Pacific.