Airwallex Sees Jump in Singapore Revenue as SMEs Look to Expand

More businesses offering digital financial services for customers at home and abroad

- Sheila Chiang

Australia-founded fintech firm Airwallex saw its Singapore revenue jump in 2024, bolstered by rising transaction volumes as more businesses offered digital financial services for customers at home and abroad.

Small and medium-sized enterprises (SMEs) here are eyeing global growth despite rising geopolitical uncertainty and operational challenges, with more than half planning to adopt digital platforms to support their financial needs as they expand, a study by Airwallex showed.

The study was done between January and March, and involved 250 Singapore SMEs with 50 to 500 employees.

There has been a notable increase in cross-border activity in 2024, particularly among digital-first businesses expanding into new markets, which has contributed to a surge in transaction volume here, Mr Ershad Ahamed, head of South-east Asia at Airwallex, told The Straits Times after a media briefing on April 9.

Now headquartered in Singapore, Airwallex provides SMEs with a single platform to manage their global financial operations, covering everything from multicurrency accounts and international transfers to corporate cards, expense management and online payments.

In Singapore, its clients include Endowus; Love, Bonito; Mighty Jaxx; EU Holidays; Far East Flora; and Huber's Butchery.

Although the firm competes with the likes of Wise and Revolut, which have a stronger consumer focus, Airwallex focuses on providing services to SMEs, particularly those expanding globally or managing money across multiple currencies.