The service is said to come with a “Best Rate Guarantee,” where the bank will match and refund the difference if a customer finds a better FX rate at another bank within five minutes after making an eligible FX transaction at WeLab Bank.

According to the bank, the AI system compares exchange rates from major banks across Hong Kong and provides 24/7 instant calculations in its app, showing customers the savings achieved through its rates.

The bank currently supports 11 currencies, including the Hong Kong dollar, US dollar, renminbi, Australian dollar, Canadian dollar, Swiss franc, euro, pound sterling, Japanese yen, New Zealand dollar and Singapore dollar.

It is also waiving handling fees for all global remittances until 31 December 2025.

Tat Lee, Chief Executive of WeLab Bank, said,

“We are proud to be the first digital bank in Hong Kong to transform traditional currency exchange services by leveraging AI, enabling our customers to seize the most competitive rates anytime, anywhere. By leveraging AI comparison engine, we are also able to pass on cost savings directly to our customers.

Looking ahead, we will continue to push the boundaries of innovation by integrating AI Agents into various banking services and collaborating with strategic partners to deliver hyperpersonalized and seamless digital banking experiences.”

The bank said it plans to work with its AI-first strategic partner Google to develop AI agents for instant, personalised financial insights and recommendations.

It also said future updates are intended to expand access to financial research tools that were previously limited to institutional and professional investors.

Featured image: Edited by Fintech News Hong Kong, based on image by thanyakij-12 via Freepik

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The acquisition of this license introduces an increased level of competition in the Japanese market, enabling both individuals and businesses to send and receive up to 150 million JPY per transaction across more than 40 currencies, including key ones like the Euro, British pounds, US dollars, Korean won, and Singapore dollars.

Wise says its approach, offering transactions at the mid-market rate without hidden fees, distinguishes it in a market where the World Bank has identified Japan as one of the G20’s most expensive countries for sending money abroad. Traditional banks in Japan typically impose charges exceeding 7% for similar transactions, whereas Wise reports an average fee of 0.67%, offering a substantially more cost-effective alternative.

Since its establishment in Japan in 2016, initially under the name TransferWise, the company has seen steady growth, broadening its local team and enhancing its product range. Its milestones include launching TransferWise for Business in 2018, introducing electronic Know Your Customer (eKYC) processes in 2020 for digital verification and onboarding, and offering the Wise Account and Wise Business multi-currency accounts in July 2020.

Furthermore, in January 2021, it introduced the Wise Card for individuals and businesses, and in September 2021, reduced the price of transfers by an additional 15%, having already reduced them by up to 24% in 2020. December 2021 saw the expansion of the Wise Business features with the introduction of employee expense cards, and in May 2023, the Wise Platform was launched, partnering with GMO Aozora Net Bank as its first partner in Japan.

Mika Sei, Country Manager for Wise Japan, discussed the increasing international needs of Japanese customers and businesses and the role of the new license in addressing these needs with efficient, cost-effective, and transparent solutions.

“Since launching in Japan, our aim has always been to give our customers – both individuals and businesses – the same experience as the millions of other Wise customers around the world when sending money internationally in another currency.

 

“This new license allows us to do just that. We’ll soon be able to launch a very competitive offering in the market which will drive competition and help lower the cost of sending money abroad in line with the UN SDG [United Nations Sustainable Development Goals].”

Featured image credit: Edited from Freepik

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This service enables Mox customers to transfer funds internationally directly through the Mox app, offering transactions in ten key currencies (AUD, CNY, EUR, GBP, IDR, INR, JPY, PHP, SGD, and USD) at mid-market exchange rates.

The integration with Wise Platform ensures that Mox customers can execute international transfers efficiently, benefiting from the platform’s global payments network.

According to Mox, a key feature of Express Remit is its transparent fee structure, offering competitive foreign exchange fees starting as low as 0.35 percent. Customers benefit from immediate confirmations of transfer receipts and the ability to track payments directly through the Mox app, ensuring a transparent and hassle-free remittance process.

In addition, Mox customers can enjoy additional savings interest rates on foreign exchange transactions, elevating the total savings rate to up to 3 percent per annum on deposits up to HK$3 million, subject to participating in Mox Invest or making qualifying foreign exchange transactions.

Jayant Bhatia, Chief Product Officer of Mox, said,

“Reimagining banking services is a key driver of our innovation. With Express Remit, we enhance our customer experience by removing traditional barriers to remittance and making global money transfers cheaper, faster, secure and trackable, all within our refreshed Mox app.”

Samarth Bansal, General Manager, Asia Pacific, Wise Platform, said,

“At Wise, our mission is to make moving and managing money faster, cheaper and more transparent for everyone, everywhere. Mox Bank and Wise share a common vision to modernise the global financial system, and we’re delighted to team up to enable better international payments for even more people and businesses in Hong Kong. We continue to deepen our client base in Hong Kong.

Featured image credit: Edited from Mox Bank

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The company already serves many of Israel’s leading technology businesses, including Papaya Global and OurCrowd as well as global companies such as Shein, Qantas, Plum and Navan (formerly TripActions).

“Setting up local operations in Israel is just the first step in our ambitious plan for expansion across EMEA in 2023. Israel is at the forefront of tech innovation and a global hub for high-growth startups.

I’m excited to welcome Or to the team – he will be instrumental as we supercharge our operations in Israel and the Middle East.”

said Pranav Sood, GM, EMEA at Airwallex.

Prior to Airwallex, Liban served as Google’s Head of Global Partnerships and previously held leadership roles at Orange and the Israel Prime Minister’s office.

With over 15 years of experience as a Sales, Business Development and Partnership executive, Liban will oversee Airwallex’s expansion into Israel and the Middle East.

“I’m delighted to join Airwallex as we continue our global growth momentum into Israel and the Middle East.

Airwallex’s unique financial infrastructure and embedded finance capability is a winning combination as businesses look for new revenue streams through global expansion or are interested in improving their bottom line through cost-efficiency gains.”

Liban said.

Founded in 2015 in Australia, Airwallex is valued at US$5.5 billion and has raised over US$900 million from the likes of Salesforce Ventures, Sequoia, Tencent, Square Peg, Lone Pine Capital and 1835i.

Airwallex reported that its revenue has doubled year on year and it has processed more than US$50 billion in annualized transaction volume for a global portfolio of companies.

With 20 locations globally and a team of 1,300 employees worldwide, Airwallex said that it plans to continue its growth by hiring an additional 500 global employees by the end of 2023.

This article first appeared on fintechnews.ae

Featured image credit: Edited from Unsplash

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With EMQ Connect API, customers can pay directly in RMB and USD with same-day payment options, thereby improving the speed and cost of international payments across the global marketplace.

The latest development comes on the heels of a recent series of expansion initiatives to bolster EMQ’s network infrastructure and product portfolio with real-time payments capabilities across Europe, Hong Kong, China, Thailand, Singapore, South Korea, India, Indonesia, Cambodia, Vietnam, Nepal, Philippines, the United Kingdom, and 19 markets in Africa, with expansion underway in the United States, Canada and Latin America.

The company is currently licensed in Hong Kong, Singapore, Indonesia and registered as a Money Service Business in Canada.

Steven Liu, Global Head of Networks and Expansion, EMQ said,

“At EMQ, we are always looking for ways to enable enterprises to deliver a more streamlined, cost-effective and certain payment experience for their customers.

 

We are excited to expand our China B2B offerings across our global markets with more currencies and enhancements underway in the coming months.”

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This extension comes just a month after Airwallex announced an oversubscribed US$200 Million Series E round as the company was looking to accelerate its global expansion plans.

This latest round takes Airwallex’s total Series E fundraising to US$300 million, with US$802 million raised in total.

Airwallex’s Series E1 funding round was again oversubscribed, on the back of strong underlying business performance and momentum in the third quarter.

Lone Pine Capital remained the lead for this financing, alongside other existing investors including 1835i Ventures, the venture capital partner to ANZ, and Sequoia Capital China.

According to Airwallex, this latest raise follows a strong third-quarter performance where it recorded a 165% YoY revenue increase with annualised revenue exceeding US$100 million.

The company also made more than 200 additional hires as Airwallex continues to strengthen its presence in its core markets globally.

In the last quarter, Airwallex continued to scale its business across APAC and EMEA, while also achieving early momentum in the U.S.

The company launched its virtual employee cards in Hong Kong and the UK, marked its entry into Southeast Asia with licenses in Singapore and Malaysia, and continued to onboard new global customers.

“Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses. As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world.

 

This new capital injection will allow us to do just that, fuelling M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders.”

said Jack Zhang, Co-founder and CEO of Airwallex.

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This latest investment which was led by Lone Pine Capital follows an extended Series D capital raise earlier this year in March. Airwallex has secured more than US$700 million in equity funds to date.

New investors G Squared and Vetamer Capital also joined the round, alongside existing investors including 1835i Ventures (formerly ANZi), DST Global, Salesforce Ventures and Sequoia Capital China.

The firm said in a statement that the new funding will allow it to scale its presence in North America, UK, Europe and other new markets including the Middle East, South America and Southeast Asia.

Additionally, the company looks to accelerate multiple product development initiatives across its five engineering hubs, grow its sales and commercial teams and increase its breadth of offerings for SMEs and larger enterprises operating in the digital economy.

Airwallex has nearly doubled its headcount in 2021 and employs almost 1,000 employees today in over 20 locations globally.

This year, Airwallex launched a series of new products, expanded its footprint to the U.S. last month, as well as securing an EMI license in the Netherlands and a Money Services Business license in Malaysia.

“We are excited to welcome Lone Pine Capital and our new Silicon Valley investors. Their wealth of experience, foresight and successful industry track records are a significant validation of our business and global growth strategy. From the start, our vision has been to build a global financial operating system that will allow modern businesses to operate without borders.”

said Jack Zhang, Co-Founder and CEO at Airwallex.

The post Airwallex Now Valued at US$4 Billion With Latest US$200 Million Series E appeared first on Fintech Hong Kong.

The company first established a presence in San Francisco in 2019, and has grown to a team of more than 30 today across product and engineering, legal, risk & compliance, partnerships and sales.

Airwallex plans to continue to expand its US team over the coming months, as it looks to further strengthen its foothold in the market.

Its market entry into the U.S. is supported by a partnership with domestic bank Evolve Bank & Trust, a technology-focused financial services organisation and Banking-as-a-Service provider.

Additionally, Airwallex has been issued money transmitter licenses in various major states and is permitted to provide money services business in almost all the states across the US, including California, Texas and Florida.

With several local bank partnerships and licenses, Airwallex said that it will progressively introduce its suite of products and services to businesses in the US, including multi-currency cards and an online payment acceptance solution that will allow businesses to collect payments from customers around the world.

To further support Airwallex’s global growth, San Francisco will also serve as one of Airwallex’s global engineering hubs alongside Melbourne, Sydney, Shanghai and Amsterdam.

The establishment of these hubs aims to further drive digital innovations and are focused on the research and development of new products and enhancement to strengthen Airwallex’s global infrastructure.

Founded in Melbourne and headquartered in Hong Kong, Airwallex operates across 12 offices with a global team of over 900 employees.

“This is an exciting moment for us as we look at ways to further support U.S. businesses that are looking to grow, both in the U.S. and internationally. The U.S. is a major hub for technology innovation and is at the forefront of bringing traditional banking financial services into the new age.

 

With our base in San Francisco, we are excited to be able to take part in that change and provide businesses in the U.S. with an infrastructure that can seamlessly handle their international payments and financial services needs.”

said Jack Zhang, Co-founder and CEO of Airwallex.

Featured image credit: Edited from Unsplash

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Predominantly self-funded by Goldman Sachs alumni and co-founders, Riccardo and Alison Capelvenere, the latest capital injection will allow Currenxie to focus on building new products, acquiring new licenses and authorisations, expanding into new markets as well as accelerating recruitment.

Currenxie will also be welcoming Gordon Kwong, a former Partner of a big four international accounting firm, to its board, as the official investor representative.

Riccardo Capelvenere, Founder and CEO of Currenxie said,

“From the start, we have focused on building a platform that will give our clients access to a truly borderless economy. Thanks to BF Belmont, we’re now able to accelerate our global growth and expansion plans – creating more value that will be transferable to our clients. The demand for seamless cross-border solutions will only increase, and our high calibre team is ready for this opportunity.”

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This latest approval adds to Airwallex’s existing licenses in its core markets, including the UK, United States, Australia, and Hong Kong.

With its EU EMI license, Airwallex will soon be able to offer an enhanced range of products and services to customers across Europe, bolstering its growth by offering businesses an end-to-end solution for FX, card issuing and online payments.

Earlier this year, Airwallex announced an additional capital raise of US$100 million during a Series D funding round, pushing its valuation to over US$ 2 billion to further accelerate its global expansion, strengthening its capabilities through product innovation and new partnerships.

In Europe, the company continues to invest in growth, with plans to double its 50- strong team by the end of the year and build out its presence in Amsterdam.

Founded in 2015 in Melbourne, Airwallex is supported by a team of over 650 employees across 12 global offices.

Jed Rose, General Manager of EMEA at Airwallex said,

“We are delighted to have been granted an EMI licence by the DNB. This is a significant milestone for Airwallex as we look to deepen our presence in the European market and address the pain points faced by many businesses who are looking for a simpler, more convenient and transparent process to support their payments needs. We look forward to providing businesses in Europe with a full product stack to empower their growth.”

Featured image credit: Edited from Unsplash , Photo by Javier M.

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