Airwallex, a financial technology firm that focuses on cross-border commerce, and Visa have debuted the Airwallex Borderless Card for firms in Hong Kong, according to a Thursday (June 10) announcement.
Airwallex’s clients in Hong Kong will have the capacity to immediately generate and issue multicurrency virtual payment cards beginning on Thursday (June 10). Those cards can be harnessed to expediently provide payment to third parties like suppliers.
The borderless card provides the capacity to transact in excess of 140 currencies and pay merchants around the world — wherever Visa is accepted. Firms can get cards that can be used multiple times or just once. And, in a move that offers full management and visibility over payments, firms can set individual transaction limits throughout currency and merchant types.
“Demand for virtual cards has been accelerating as businesses look for a modern solution to not only transact money, but to also control their finances, optimise spending and enhance their security and protection,” Kai Wu, Greater China CEO and Group chief financial officer (CFO) of Airwallex, said in the announcement. “As we continue to empower businesses to grow without borders, we are very excited to launch the Airwallex Borderless Card in Hong Kong in collaboration with Visa.”
Airwallex and Visa introduced Airwallex Borderless Cards in Australia in 2020 prior to bringing them to the United Kingdom and, now, Hong Kong.
“As more businesses pivot to e-commerce and expand internationally, many demand for more secure and convenient ways to make cross-border payments,” Maaike Steinebach, general manager, Visa Hong Kong and Macau, said in the announcement.
As PYMNTS previously reported in March, Airwallex was the recipient of a $100 million investment that has increased its valuation to $2.6 billion.
“The world will only become more digital, and with more businesses than ever now operating online, Airwallex has proudly been at the centre of this evolution,” Airwallex Co-Founder and CEO Jack Zhang said in a release announcing the investment. “The additional investment is a vote of confidence in the global financial infrastructure we have built, as we look to empower businesses to grow without borders.”