AirwallexA recent report by the Financial Times reports that the global financial technology platform is reportedly preparing to pursue banking licensing in the US and UK.
This move shows a significant shift in the strategies of companies that have historically operated using payment licenses.
pymnts It should be noted that the company’s new direction can place it to provide a wider range of financial services.
To establish itself in lending, Airwallex is expected to apply for a banking license in the UK. This is considered a support environment for fintech players.
In the United States, where regulatory requirements are more fragmented at the state and federal levels, Airwallex may consider acquiring existing banks to simplify the process of obtaining regulatory approval.
Founded in Melbourne and now headquartered in Singapore, Airwallex offers multi-currency payments and banking infrastructure for global businesses.
Although it operates mainly on cross-border payments, the company is currently operating credit cards in Australia as part of its push to lending.
CEO Jack Chan previously showed that Airwallex is ultimately aiming to match major global bank products.
Fintech, which is currently valued at US$5.5 billion, has also expressed its long-term ambitions to be public.
However, while UK IPOs appear unlikely, US capital markets are still considered a preferred destination due to their liquidity and accessibility.
It is still unclear whether market conditions will affect these plans, especially as other major fintechs are delaying their publishing lists.
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