Like Airwallex's Melbourne hub, the Sydney engineering team will focus on research and development in new products and enhancements .
Airwallex currently employs more than 50 engineers in Australia, and plans to double that number across Sydney and Melbourne by the end of this year.
The company also has engineering hubs in San Francisco, Shanghai and the Netherlands.
"Melbourne's engineering hub has played a pivotal role in Airwallex, with many of our recent products beginning its development there, such as our core banking platform and multi-currency Visa debit cards," said co-founder and CEO Jack Zhang.
"After witnessing the big impact our Melbourne team has had on the development of our platform and products, it was a no-brainer to open our fifth engineering hub in Sydney. This new hub allows us to invest in the growing tech talent pool in Sydney, which we look forward to welcoming to our team."
In related news, Jack Zhang, co-founder and CEO of Airwallex, has been awarded the University of Melbourne Faculty of Engineering and Information Technology's Kernot Memorial Medal for engineering excellence.
This is the first time the medal has been awarded to someone from an IT background. Zhang is a computer science graduate of the university.
"As a University of Melbourne alumni, I am honoured to have received such a prestigious award, and to be recognised as the first tech leader to be awarded with the Kernot Memorial Medal," said Zhang.
"Inspired by the approach of my professors during my time at the University of Melbourne, I've been driven to look beyond what's possible and solve tough engineering challenges every day. This ethos is a key part of the product and engineering culture at Airwallex – from our leadership team to our internship program – and I hope this inspires talented engineers to forge their careers at Airwallex.
"I am so proud of what we have achieved with our global financial infrastructure, and this award reinforces the excellence of our technology and innovation. We are truly on our way to realising our vision to be the global financial cloud to empower businesses to operate anywhere, anytime."
Dean of the university's Faculty of Engineering and Information Technology Professor Mark Cassid, said: "We are proud of the incredible progress Jack has made in his career with Airwallex and the leadership he shows in the tech space. Recognising Jack's achievement with the Kernot Memorial Medal, the first time a tech leader has been honoured in this way, acknowledges the growing role of technology and entrepreneurship in society. We can't wait to see what Jack does next and look forward to strengthening our relationship with him!"
The medal commemorates Professor William Kernot, the university's first professor of engineering. Previous recipients include John Monash, William Hudson, John Holland and Arvi Parbo.