Airwallex, a global payments fintech, has completed the acquisition of UniCard Solution, after having received consent from the Hong Kong Monetary Authority to become a shareholder controller of UniCard on 23 February 2021.
UniCard is a Hong Kong-incorporated business with a stored-value facilities license. Airwallex will continue to support UniCard’s prepaid card product, while also providing Hong Kong businesses with access to new and innovative payment and collection solutions.
Airwallex, through its wholly owned subsidiary UniCard, aims to launch various card payment products that will support multi-currency, cross-border transactions in a safe, convenient, compliant and cost-effective way in the coming year.
“This is an exciting development for the Hong Kong market and Airwallex customers,” said Jack Zhang, co-founder and CEO of Airwallex. “Today’s announcement signals our commitment to provide all businesses, large or small, with modern payment technology. 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.”
Headquartered in Hong Kong, Airwallex is offering a global financial cloud to empower businesses to grow without borders, providing a one-stop shop for payments, collections, FX, cards and other value-add solutions for SMEs, and an API for larger businesses requiring customization.
The Hong Kong government has come out in support of the acquisition in light of its push to integrate financial services with neighboring mainland cities. King Leung, head of fintech at InvestHK, the agency promoting the city for financial innovation, said, “This stamp of approval from HKMA is further testament to the quality of our ecosystem.”
Airwallex has continued to expand its products and offerings, and in the past year, in markets outside Hong Kong, introduced a virtual multi-currency debit card with Visa, a bank feed integration with Xero, a rewards program, and payment acceptance capabilities.