Airwallex's acquisition of UniCard was completed after gaining the consent of the Hong Kong Monetary Authority.
Airwallex will continue to support UniCard’s prepaid cards, and plans to introduce products supporting multi-currency, cross-border transactions in the coming year.
"This is an exciting development for the Hong Kong market and Airwallex customers, and we are pleased to have received HKMA’s consent to be a shareholder controller of UniCard," said Airwallex co-founder and CEO Jack Zhang.
"Today's announcement signals our commitment to provide all businesses, large or small, with modern payment technology. Now more than ever, businesses need tools that can support their changing needs for faster and more effective solutions to manage cross-border expenses, global payments and other transaction needs.
"With the acquisition of UniCard, we hope to continue to innovate and empower businesses in Hong Kong and across Asia to grow without borders."
In the past year Airwallex has introduced a virtual multi-currency debit card with Visa, a bank feed integration with Xero, a rewards program, and payment acceptance capabilities.