Airwallex obtains key ASIC licence in boost for cash expansion
Global payments and business services fintech Airwallex has obtained an Australian Financial Services licence allowing it to expand its cash management offer.
Global payments and business services fintech Airwallex has obtained an Australian Financial Services Licence (AFSL) allowing it to expand its money market-linked Yield cash management account to smaller customers.
The licence is a major evolution in Airwallex’s strategy to add to its core money transfer and business services offering as the Yield product was previously only available to businesses with a minimum investment of $500,000. It will now have a minimum deposit of $10,000.
“It will both attract new customers and deepen our engagement with existing customers, part of our strategy to expand beyond global foreign exchange and open up our services to a broader set of businesses,” Airwallex global head of product Shannon Scott told Capital Brief.
Airwallex said it is the first major payments company to be granted an AFSL by the Australian Securities and Investment Commission (ASIC). An AFSL allows a company to provide financial advice, deal in and make a market for financial products and provide a custodial or depository service. Scott said the licence would allow sufficient opportunity for Airwallex in Australia and it did not need to pursue the more onerous Authorised Deposit-Taking Institution licence for banks.
