Cross-border payments startup Airwallex has joined forces with Deutsche Bank to offer virtual account collections in Japan and API-enabled foreign exchange services in Hong Kong.
The service is already live in Japan. Supported by the partnership, Airwallex will now process and convert cross-border payments to its merchants in Greater China.
It will do so by leveraging virtual accounts and API technology.
Deutsche Bank APAC head of corporate cash management Chintan Shah said: “We are delighted to partner with Airwallex to further build the company’s international business of digital payment collections.
“With our leading-edge corporate payment solutions, expertise in working with fintech and e-commerce companies worldwide, Deutsche Bank is well placed to be the cash management bank of choice for this industry as we help to support the growing digital economy.”
Merchants using Airwallex will now not be required to open a bank account in countries where their customers live, noted the German bank.
Founded in 2015, Airwallex is a cross-border payments company that serves industries including digital, e-commerce, transportation, education and travel.
Airwallex CEO and co-founder Jack Zhang said: “As more online merchants around the world, including Greater China and Japan, look to expand their client base beyond their home market, this digital payment collection service will be a game changer for them.
“We intend to work with as many partners like Deutsche Bank to extend this service in more markets and realise our mission to empower businesses to grow beyond borders and scale the digital economy.”
In April 2020, Airwallex received $160m in its Series D fundraising round to support its global expansion.