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Ripple Partner Airwallex Secures a MSB Licnese from the Central Bank of Malaysia

RippleNet partner Airwallex provides a foreign exchange solution for businesses that need to move money across borders. The company has developed a ‘Global Accounts’ offering, which allows small and medium-sized businesses to collect funds from international customers in their local currencies.

The blockchain firm wants to develop an end-to-end international payment platform for businesses. Currently, it offers low-cost payments and collections in AUD, USD, EUR, GBP, HKD, and CNY. The company has also started to develop enterprise solutions.

“The global shift to digital is imminent,” said Jack Zhang, CEO and Co-founder of Airwallex. ”We envision a world in the not-too-distant future where all businesses will operate and conduct their affairs online – including banking – with the help of modern tools.”

Global payments startups Airwallex said it secured a money services business (MSB) license from the Central Bank of Malaysia (Bank Negara Malaysia) which allows it to offer international payment solutions for businesses in the country.

Starting early next year, the company will begin offering the service to small and medium-sized businesses as well as large enterprises. With it, these firms will be able to collect funds from customers across the globe in different currencies and convert and pay out these amounts into the preferred currencies.

“Our solutions will help both local and global businesses in Malaysia focus on their international operations and expansion, without having to navigate the nuances of establishing their own cross-border financial infrastructure,” said Airwallex co-founder and CEO Jack Zhang. 

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