In a move signaling its commitment to the burgeoning Middle East market, Airwallex, the Melbourne-headquartered global financial platform, has unveiled updates designed to enhanc its regional footprint.
The announcement from Fintech Airwallex encompasses pivotal regulatory approvals, foundational infrastructure setups, and high-impact partnerships.
These developments come at a time when the UAE and Saudi Arabia are aggressively pursuing digital economy strategies through Vision 2030 and the UAE’s 2031 Vision, respectively, creating established ground for fintechs like Airwallex.
At the core of the update is Airwallex’s regulatory breakthrough in the United Arab Emirates.
The company has secured In-Principle Approval for Stored Value Facilities (SVF) and Retail Payment Services (Category II) licenses from the Central Bank of the UAE.
This green light includes registration for an SVF wallet, opening doors for Airwallex to deliver a suite of services tailored to businesses of all sizes, from nimble SMBs to larger enterprises.
Customers can now access multi-currency accounts, seamless global transfers, Payment Acceptance (PA) solutions, and corporate cards—all integrated into Airwallex’s unified platform.
As noted by the firm,
“This approval marks a transformative step, enabling us to empower businesses with borderless financial tools right here in one of the world’s most dynamic hubs.”
Complementing this UAE milestone is Airwallex’s formal establishment of a dedicated entity in the Kingdom of Saudi Arabia (KSA).
Granted incorporation by the Ministry of Investment, this move lays the groundwork for localized operations amid KSA’s explosive growth in e-commerce and digital payments.
The entity will support Airwallex’s mission to bridge global and local finance, allowing merchants to tap into the region’s $50 billion-plus digital economy.
Infrastructure enhancements are equally noteworthy. With the UAE licenses in hand, Airwallex is ramping up operationalization, including office expansions and team hires in Dubai.
This “hyper-local” approach, as described by executives, ensures compliance with regional nuances while scaling globally.
Over the past decade, Airwallex has reportedly amassed more than 60 licenses worldwide, a testament to its infrastructure-first ethos.
These Middle East advancements fit into that portfolio, positioning the platform to handle everything from cross-border payouts to embedded finance for over 150,000 customers, including TikTok, SHEIN, and Qantas.
A key alliance integrates Tabby’s flexible payment options directly into Airwallex’s checkout flows for merchants in the UAE and KSA.
The result? According to the global fintech firm, it is enhanced conversion rates, bigger average order values, and deeper customer loyalty among tech-savvy local shoppers.
In a market where BNPL adoption is surging—projected to hit $10 billion by 2025—this partnership not only diversifies payment rails but also aligns with consumer preferences for installment-based purchases, giving global brands a competitive edge.
Co-founder and CEO Jack Zhang emphasized the synergy with regional visions:
“When you consider the UAE’s 2031 Vision and Saudi Vision 2030, nowhere is more forward-looking than the Middle East. Securing our payments license in the UAE and establishing our entity in KSA excites us because it empowers our global customers while unlocking opportunities for local innovators.”
He stressed the importance of being “hyper local to be fully global,” a philosophy that resonates in a region blending ancient trade routes with fintech.
Fresh off a $300 million Series F funding round that valued Airwallex at $6.2 billion, these updates aim to bolster its momentum, alongside global tie-ups like those with Arsenal Football Club and McLaren Racing.
Looking ahead, Airwallex plans to deepen its Middle East presence by rolling out advanced capabilities, such as AI-powered fraud detection and treasury management, while trying to foster more ecosystem partnerships.