In a significant move to diversify its product offerings, Airwallex has obtained a licence from the Australian Securities and Investments Commission (ASIC) to provide retail investment products in Australia. This approval marks a pivotal step for the fintech company, known primarily for its cross-border payment solutions, as it ventures into the retail investment market.
With this licence, Airwallex aims to offer Australian customers a range of investment opportunities, including equities, ETFs, and other financial products. This expansion is part of Airwallex’s broader strategy to evolve from a cross-border payments provider to a comprehensive financial platform. By integrating investment services, Airwallex can attract a wider customer base and enhance its value proposition in the highly competitive fintech industry.
Jack Zhang, CEO and co-founder of Airwallex, stated, “Securing this licence is a testament to our commitment to continuously innovate and provide our customers with more financial services options. We are excited to bring new investment products to our Australian users, enabling them to manage their finances more effectively through our platform.”
The addition of retail investment products is expected to bolster Airwallex’s growth, as it leverages its existing customer base and robust technological infrastructure. The company plans to roll out these new services gradually, ensuring a seamless experience for users.
This development comes as Airwallex continues to expand its global footprint, with recent milestones including market entries in the United States and Europe. The company’s focus on innovation and customer-centric solutions positions it well to capitalize on the growing demand for integrated financial services.