The development means Singapore businesses can take advantage of several of Airwallex's global payments services including cross-border money transfers and online payments acceptance, and its customers in other countries are able to receive funds in SGD.
Other key Airwallex offerings such as multi-currency company and employee cards, and an API suite for customers who need direct integration will be progressively rolled out.
"Singapore has established itself as a major international hub for global technology and innovation, supported by a dynamic business community across startups, major financial service institutions and a growing talent pool," said Airwallex Singapore CEO Nazim Ali.
"That said, many Singapore businesses – SMEs or larger enterprises – still face challenges with international payments, and are looking for better partners like Airwallex that help them tackle that cross-border payments complexity. Since we were founded, we have enabled the global growth of many businesses. With this official launch we're pleased to be able to empower Singapore businesses in the same way by supporting their payment needs across their entire transaction life cycle."
He added "Our launch in Singapore is just the beginning of a wider journey. Growing our presence and payments capability across Southeast Asia is part of our ambitious expansion plan for 2022, and Singapore is no doubt instrumental to this growth.
"We look forward to expanding our product suite and supporting businesses in Singapore, as well as tapping into its influence as a leading tech and innovation hub to better serve our customers in the region."
Airwallex expects to launch in Malaysia in the coming months, having secured a money service business licence in that country in September 2021.