Deutsche Bank announced on Monday it will enable global fintech Airwallex to provide virtual account collections and API-enabled foreign exchange services in Japan and Hong Kong. According to Deutsche Bank, the solution will further allow Airwallex to seamlessly process and convert cross-border payments made to its merchants based in Greater China by using virtual accounts and API technology.
“Through these services, merchants using Airwallex will benefit from not needing to open bank accounts in the markets where their customers are based, thereby simplifying the entire payment process.”
While sharing more details about the partnership, Chintan Shah, APAC Head of Corporate Cash Management at Deutsche Bank, stated:
“We are delighted to partner with Airwallex to further build the company’s international business of digital payment collections. With our leading-edge corporate payment solutions, expertise in working with fintech and e-commerce companies worldwide, Deutsche Bank is well placed to be the cash management bank of choice for this industry as we help to support the growing digital economy.”
Jack Zhang, CEO and Co-Founder of Airwallex, added:
“We intend to work with as many partners like Deutsche Bank to extend this service in more markets and realize our mission to empower businesses to grow beyond borders and scale the digital economy.”
As previously reported, Airwallex was founded in 2015 and is described as a foreign exchange market that makes and crosses border payments on Asia-Pacific markets. The company facilitates international money transfers through a combination of payment collection, foreign exchange, and local payment distribution. The company recently secured $160 million through its Series D funding round from various investors, such as ANZi Ventures, Salesforce Ventures, DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures. The latest funding brings Airwallex’s total equity raised to $360 million.