Global payments and financial platform Airwallex has secured a payment business licence in China following the acquisition of Guangzhou Shang Wu Tong Network Technology. Based on the information detailed in the announcement, being an information and online payment services company, Shang Wu Tong Network Technology has a licence for online payment services.

Having acquired a 100% stake in the company, Airwallex secured the licence, with the acquisition being approved and endorsed by all the relevant regulatory authorities in China. Airwallex in China and what the acquisition and payment licence entails When commenting on the announcement, Kai Wu, Chief Revenue Officer, and General Manager of APAC at Airwallex stated that they are excited to have achieved this milestone and completed the acquisition, and the company believes that it is now enabled to improve their capabilities in a significant manner to allow entrepreneurs and modern businesses alike to leverage their technology and grow ‘without borders’. With this approval, Airwallex adds to its existing licences throughout major markets across the globe, which include Australia, the European single market, Hong Kong, New Zealand, Singapore, the UK, and the US.

As per the press release information, following the receipt of this licence, Airwallex becomes a third-party payment provider in China and is enabled increased access within the local market. As per the company representatives’ statement, the Airwallex team is set to work towards the integration of its platform, having the goal of better addressing the pain points that are encountered within cross-border transactions between China and the rest of the world. As per their quote, this means that the company will be able to support increasingly secure, direct, effective, efficient, and affordable solutions, looking to introduce products and services in China for businesses of all sizes to leverage towards their global expansion plan.

Airwallex company information and recent developments A global payments and financial platform for modern businesses, Airwallex covers over 150 countries and makes USD 50 billion in annualised transactions. Its financial infrastructure and platform aim to help businesses with managing payments, treasury, as well as card and expenses and provides an embedded finance offering for global, digitally native businesses. Part of its most recent developments marks the January 2023 partnership with American Express, following which it broadened the merchant payment acceptance options with American Express cards for clients in Australia, the UK, Singapore, and Hong Kong.

In mid-December 2022, Airwallex announced a separate collaboration with the corporate travel platform TripActions following which it assisted the company in supporting its needs related to cross-border payments and foreign exchange (FX). Furthermore, Airwallex contributed to the same-month issued The Paypers Cross-Border Payments and Ecommerce Report 2022–2023, where it provided insights on how to gain a competitive edge within the B2B cross-border ecommerce payments space. For more information about Airwallex, please check out their detailed profile in our dedicated, industry-specific Company Database.

.