# Airwallex: business neobank for multi-currency accounts > Airwallex is a business neobank for multi-currency accounts, cards, payment acceptance, API payouts, safeguarding and sanctions-sensitive onboarding checks. Author: Гордей Болотько — партнёр, Corporate & Commercial (https://wiki.private.law/authors/bolotko) Last modified: 2026-06-04T06:08:00.000Z Canonical: https://wiki.private.law/en/airwallex Topics: banking Jurisdictions: hong-kong, singapore, uk, usa, uae Functional tags: neobank, corporate-banking, marketplace-payouts Product tags: neobank, neobank, neobank Semantic tags: neobank, corporate-banking, marketplace-payouts, neobank, neobank, neobank Article type: child --- **Partner, Corporate & Commercial** --- ## Concept Airwallex is an international business neobank for companies with multi-currency revenue and expenses across different countries. It is not a bank and not private banking: the product combines business accounts, local details, currency exchange, corporate cards, online payment acceptance, bulk payouts and APIs for marketplaces and platforms. Reuters describes Airwallex as a platform through which businesses send and receive international payments, not as a bank. The company was founded in 2015 in Melbourne; co-founder and CEO is Jack Zhang. According to publicly disclosed data, the group serves more than 200,000 companies and processes approximately US$266 billion in annual volume following expansion into Korea. In December 2025, a funding round at a US$8 billion valuation closed Series F; total capital raised exceeded US$1.5 billion. > 🍓 Airwallex's core value is its currency and settlement infrastructure. Among publicly available neobank services, it is one of the strongest options for an international company: direct local details in major currencies, fast FX, local settlement routes, and stable relationships with major correspondent banks. It is not a bank or a bank equivalent; it is a regulated non-bank financial group in several financial centres. Private.Law is an official partner of Airwallex: in 2024 the firm received the Rising Star Award 2024, signed by Nick Chiu (Head of Sales, SME & Growth, Hong Kong) and Arnold Chan. The partner channel simplifies communication on applications and complex requests, but does not override Airwallex's internal compliance or correspondent-bank rules—this nuance is addressed separately below. ## For whom Airwallex is designed for companies whose payment behaviour is self-explanatory: incoming currency revenue, suppliers in different countries, expenses in multiple currencies, and a need for local details and FX. These include: - trading companies with suppliers and clients in different countries; - SaaS and IT businesses with international subscribers and expenses; - e-commerce and marketplaces—both on the payment acceptance side and on the seller payout side; - groups operating in multiple markets that need local account details without opening a separate bank account in each country; - fintech companies and platforms that require embedded finance, payouts API, and issuing. The geography for accepting applications includes Hong Kong, Singapore, Australia, the United Kingdom, the EEA, the United States, Canada, Japan, and a number of other jurisdictions—the exact list changes and is published on Airwallex global. ## Licenses and legal entities Airwallex holds several licenses in different jurisdictions through separate legal entities. Each license is issued to a specific entity within the group and covers a defined set of operations in the country of registration. The applicable licensee for a client is determined by the company's jurisdiction and the applicable services and is disclosed in the Customer Agreement at the onboarding stage. | Legal entity | Regulatory status | Regulator | What it covers | | --- | --- | --- | --- | | Airwallex (Hong Kong) Limited | Money Service Operator | Customs and Excise Department, Hong Kong | money transfers and currency exchange under neobank regime | | UniCard Solution Limited (HK) | Stored Value Facility licensee, SVF0009 | Hong Kong Monetary Authority (HKMA) | e-wallets and stored value in HK | | Airwallex (Singapore) Pte. Ltd. | MAS-regulated non-bank institution, PS20200595 | Monetary Authority of Singapore (MAS) | account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, stored-value services | | Airwallex Capital (Singapore) Pte. Ltd. | Capital Markets Services Licensee and Exempt Financial Adviser | Monetary Authority of Singapore (MAS) | dealing in collective investment schemes and OTC derivatives, custodial services, advising on investment products, investment research | | Airwallex Pty Ltd (Australia) | Australian Financial Services Licence № 487221 | ASIC | non-cash payment facility, FX services | | Airwallex UK Limited | FCA-regulated non-bank institution, FRN 900849 | Financial Conduct Authority, UK | stored-value services and regulated account services under EMR 2011 / PSR 2017 | | Airwallex (Netherlands) B.V. | regulated non-bank institution | De Nederlandsche Bank (DNB) | stored-value services and regulated account services under EMD2 / PSD2 for EEA | | Airwallex US, LLC | state-licensed money transmitter in several states | State Banking/Financial regulators (NMLS) | money transmission under NMLS registry | | Airwallex Canada Limited | Money Services Business | FINTRAC, Canada | money services and FX | | Airwallex Brasil Pagamentos Ltda. | regulated non-bank institution | Banco Central do Brasil | neobank for the Brazilian market | | Airwallex Japan KK | regulated non-bank institution | Financial Services Agency (JFSA) | funds transfer under Payment Services Act | > 🍓 Key feature of Airwallex's Hong Kong structure: UniCard Solution Limited appears in the HKMA neobank licensee register as SVF0009. This explains why Airwallex in Hong Kong can offer products beyond simple neobank functions—cards, prepaid wallets, stored value. neobank is bank-level regulation in terms of capital and fit-and-proper requirements, but it is not a banking licence. The Singapore entity similarly holds neobank status in the MAS register, corresponding to fuller regulation under the PS Act 2019, including mandatory segregation of client funds. General theory of regimes is in the neobank licensing handbook. ## What is included in the product | Feature | What it provides | | --- | --- | | Multi-currency accounts | local account details for receiving funds in 23+ currencies and 60+ countries: USD (ACH/Wire), EUR (SEPA IBAN), GBP (sort code), AUD, NZD, CAD, JPY, HKD, SGD, CNH, BRL, MXN, and others | | FX | conversion at rates close to interbank; for standard tier markup around 0.4–0.6% on major pairs; guaranteed rate locks for large transactions | | Local payments | settlements through local payment networks where Airwallex has infrastructure—without SWIFT fees and delays | | SWIFT | international transfers beyond local routes; coverage of 150+ countries | | Corporate cards | Airwallex Borderless Cards Visa issued through UniCard neobank in HK and through Visa / Mastercard partners in other regions; roles, limits, expense tracking | | Payment acceptance | Airwallex Payments — acquiring for online business; 180+ currencies, 160+ payment methods | | Embedded Finance and API | white-label issuing for platforms, bulk payouts, marketplace payouts, API-first integrations with Xero, NetSuite, QuickBooks, Shopify, WooCommerce | Current pricing is available on the Airwallex pricing page. ## Correspondent compliance The principal risk with Airwallex is not product risk but compliance risk. Scale makes it dependent on correspondent banks, payment networks and internal risk rules across jurisdictions. A decision on a particular route may depend not only on Airwallex but also on the correspondent through which settlement flows or on the payment network servicing the currency. In practice this looks as follows: a company may have a dedicated manager, a partner channel and a normal transaction history, yet the account is still restricted or closed if the risk assessment changes for the country, industry, counterparty, payment purpose or a specific correspondent bank. The manager assists with communication and document preparation but cannot override a compliance decision if the settlement route no longer passes the internal or correspondent risk filter. > 🍓 [Private.Law](http://private.law/) partner status does not override this rule. Airwallex therefore suits a clean operating company whose payment behaviour is self-explanatory, and dislikes situations where the economic substance of transactions requires lengthy explanation. Weak points for the file: third parties in payments, unclear source of funds, mixing of personal and corporate money, chains involving offshore entities without an intelligible function. ## High-risk industries and profiles Airwallex publishes an Acceptable Use Policy. Besides outright prohibitions there are categories for which onboarding and continued service require separate justification. | Profile | Why elevated risk | | --- | --- | | MSB and currency exchange for third parties | overlapping regulatory regimes, high correspondent sensitivity | | Investment and fund management | client money and securities regulation | | Trust and company services | must explain the company's role and the nature of client money | | Law firms, notaries, accountants | client money, escrow, and third parties in payments | | Marketplace and dropshipping | requires clear product model, suppliers, returns and chargeback logic | | Oil and gas, dual-use goods, luxury goods | elevated sanctions and product risk | | Shell companies without operations | no clear payment behavior – high risk of closure | | Operations without clear commercial purpose | refusal, blocking or payment reversal | For [Private.Law](http://private.law/) this is an important nuance: legal, corporate and fiduciary business does not always appear to a neobank as ordinary consulting. If client funds, nominee payments, escrow logic or third-party settlements pass through the company, Airwallex looks not at the service description in the application form but at the function of money along the actual route. ## Countries of incorporation The country of incorporation affects onboarding as much as industry does. Strong jurisdictions for Airwallex include Hong Kong, Singapore, the United Kingdom, the EEA, the United States, the Cayman Islands, the British Virgin Islands, Seychelles, and the Marshall Islands. Sanctions-sensitive jurisdictions and other non-standard markets are outside Airwallex's standard public onboarding perimeter; for such connections, not only the company is reviewed but also the actual flow of funds and the composition of counterparties. ## Prohibited industries Airwallex does not accept, in particular: - crypto exchanges and virtual asset trading platforms (individual exceptions may be possible under licensed frameworks); - gambling, online casinos, sports betting (exceptions for licensed regulated entities); - adult content, escort services; - weapons, ammunition, dual-use goods; - sanctioned persons under OFAC SDN, EU consolidated list, UK sanctions; - pyramid schemes and MLM with financial promises; - unregulated investment products and securities trading platforms. The current complete list is in the Acceptable Use Policy. ## Where Airwallex is appropriate | Situation | Why suitable | | --- | --- | | HK or SG trading company | foreign-currency revenue, suppliers, FX, international payments | | SaaS and IT company | recurring customers, clear service offering, expenses in multiple currencies | | E-commerce | payment acceptance, cards, refunds, operating expenses | | Group operating in multiple markets | local account details and currency conversion without separate accounts in each country | | Company with a bank but weak FX capabilities | Airwallex as a currency and payment tool alongside the bank | | New company without banking history | fast onboarding if the business model is clean and documents are complete | ## Where Airwallex is not suitable - holding large balances as a banking relationship — safeguarding ≠ FSCS / SDIC and does not replace a bank deposit; - trade finance, letters of credit, bank guarantees; - bank reference letter at HKMA or FCA level; - crypto operations outside licensed frameworks; - gambling, adult content and other prohibited industries; - complex wealth management — for private banking you need a private bank. | Situation | Why risky | | --- | --- | | Holding company with no operations | no clear payment behavior | | Crypto, OTC, token flows | high AML and risk-appetite risk | | Client funds of law firm or agent | third parties and source of funds | | Payments from unknown senders | risk of return and blocking | | Offshore chain without function | weak explanation of structure | | Sanctions-sensitive jurisdictions | correspondent may halt the route | For large amounts and established banking history, a licensed HKMA bank from the register or a Singapore DBS / UOB / OCBC under MAS is required. --- ## Factual claims - The company was founded in 2015 in Melbourne; co-founder and CEO is Jack Zhang. - Private.Law is an official partner of Airwallex: in 2024 the firm received the Rising Star Award 2024, signed by Nick Chiu (Head of Sales, SME & Growth, Hong Kong) and Arnold Chan. - For Private.Law this is an important nuance: legal, corporate and fiduciary business does not always appear to a neobank as ordinary consulting.