The EMI license will further boost its growth by allowing operations throughout the EU by passporting through the region. Airwallex can then onboard clients across European countries, integrate with local banks to provide better financial infrastructure and payment services.
Airwallex has also applied for the new virtual bank license in Hong Kongunder a joint venture with the Bank of East Asia and Sequoia Capital, which would allow it to build one of the first challenger banks in Asia and beyond.
Airwallex uses its proprietary FX engine and global banking network, and currently supports cross-border payments to over 130 countries and 50 currencies.
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