Melbourne-born Airwallex has acquired Hong Kong's UniCard Solutions, joining the likes of PayPal, AliPay and WeChat as a Stored Value Facilities (SVF) licensee under the territory's payment regulations.
The Hong Kong Monetary Authority granted its first SVF licences in 2015 as a means to to promote competition and innovation in the payment sector. To date it has accumulated a list of 15 licensees.
Airwallex says it will continue to support UniCard's prepaid card product, while also providing Hong Kong businesses' with new payment products for multi-currency, cross-border transactions. The firm says it intends to provide a one-stop shop for payments, collections, FX, cards and an API integration for larger businesses.
Jack Zhang, co-founder and CEO of Airwallex, says: “Today’s announcement signals our commitment to provide all businesses, large or small, with modern payment technology. Now more than ever, 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. With the acquisition of UniCard, we hope to continue to innovate and empower businesses in Hong Kong and across Asia to grow without borders.”
Airwallex has secured over US$400 million since it was established in Melbourne in 2015, and is backed by a range of blue chip investors, including the likes of ANZ, Tencent and Mastercard.