Global payments platform Airwallex is making a strong push into the Middle East, with its vice-president and head of the region Or Liban underlining the platform’s effectiveness through its successful partnership with McLaren Racing.
The Singapore-headquartered firm, valued at $5.6 billion and serving 150,000 businesses globally, anticipates significant opportunities for its international clientele operating in the region and aims to build strong local partnerships, providing businesses across the Mena region with a robust infrastructure for both regional and international growth.
“The ongoing digital transformation in the Middle East is a key opportunity for Airwallex to contribute, empowering local ecosystems and fostering entrepreneurship,” Mr Liban added.
Airwallex’s cross-border payment capabilities are evident in its partnership with McLaren Racing.
“By implementing Airwallex’s platform, McLaren has modernised its international financial operations, replacing a cumbersome single-currency system with faster, automated payments, reduced foreign exchange fees, and quicker transfer times, resulting in significant time savings,” Mr Liban explained.
The company reported that its first year as a McLaren Racing partner has streamlined financial operations and significantly boosted brand trust.
Airwallex noted a 58 per cent increase in perceived brand trust and a 70pc rise in consideration among those aware of the sponsorship.
According to Mr Liban, McLaren has reduced international payment processing time by half a day per month using Airwallex’s system.
The multi-year partnership, initiated in February 2024, includes prominent Airwallex branding on McLaren’s Formula One assets, highlighting the synergy of speed, efficiency, and global reach.
Outlining the company’s plans for the region, Mr Liban said, “To penetrate the Middle Eastern market, we will actively collaborate with local fintech startups and established financial institutions.”
Their core infrastructure relies on partnerships with traditional banks, driving innovation in cross-border transactions.
“We believe that Airwallex’s global customer base and advanced technology will benefit regional financial institutions. The overarching strategy is to seamlessly connect key global markets, creating a borderless business environment,” Mr Liban noted.
Airwallex has secured 60 licences globally, underpinning its infrastructure of robust local banking and clearing partnerships, enabling cost-effective local payments in more than 120 of the 150+ countries it serves, with 90pc processed on the same day.
Addressing tailored offerings, Airwallex acknowledges the consistent fundamental challenges in cross-border finance.
However, Mr Liban emphasised the company’s customer-centric approach.
“Prioritising the identification of specific customer needs ensures effective localisation of services.”
While core offerings like global accounts and multi-currency wallets have broad applicability, Airwallex’s commitment to localisation suggests potential customisations for the Middle Eastern market, the official explained.
Regarding unique cross-border payment needs in the Middle East, particularly for trade with Asia and Europe, Airwallex reaffirms its commitment to providing necessary financial solutions for seamless global operations.
“We have a strategy of connecting key markets, supported by existing licences and partnerships, and are already facilitating significant cross-border operations for our current global customer base.”
The official also underscored Airwallex’s belief in financial inclusion, aiming to extend its advanced payment capabilities to all businesses within the Mena region.
“Looking ahead, Airwallex aims to serve thousands of businesses within the region, anticipating its platform will facilitate their global expansion and enhance the region’s role in the global economy,” Mr Liban said.
The company also expects to attract businesses from key markets to increase collaboration with local enterprises.
“As demonstration of our long-term commitment, we plan to invest in local talent and infrastructure, contributing to the Middle East’s burgeoning tech ecosystem by sharing its global experiences.”
Acknowledging potential hurdles, Airwallex has identified regulatory and licensing processes as typically the most time-intensive aspects of market entry.
“As a ‘licensing-first’ platform, we invest heavily in regulatory infrastructure and our view is that robust compliance frameworks are a key differentiator and significant competitive advantage regionally and globally,” Mr Liban added.
avinash@gdnmedia.bh
Mr Liban
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