Airwallex Singapore Revenue Soars 153 Pct, Grows Team And Office Space 

KUALA LUMPUR, April 10 (Bernama) -- Airwallex, a global payments and financial platform, announced impressive growth in its Singapore operations for fiscal year 2024, with revenue surging by 153 per cent year-over-year.

This performance was fuelled by a significant increase in transaction volumes and a particularly strong fourth quarter, where revenue rose by 215 per cent and transaction volume climbed 192 per cent.

In a statement, Airwallex President and Co-founder, Lucy Liu described 2024 as a pivotal year for the company’s growth in Singapore and across the region.

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Liu credited the company’s powerful financial infrastructure and tech platform for enabling local businesses to scale cross-border and highlighted Singapore’s strong digital economy and tech talent as key contributors to the company’s momentum.

Airwallex also reported a 159 per cent increase in annual transaction volume in Singapore and expanded its local presence through partnerships with brands such as Endowus, Love, Bonito, and Mighty Jaxx. Longstanding clients like EU Holidays and Huber’s Butchery also continue to benefit from the platform’s capabilities.

To support this growth, Airwallex increased its Singapore headcount by 58 per cent, bringing its team to over 250 employees. The largest growth occurred in Product, Engineering, and Design (PED), which saw a 98 per cent increase as the company invested in areas like artificial intelligence (AI) and data.

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Airwallex also expanded its office space at Guoco Tower to accommodate this growth. The Singapore office now serves as the company’s global headquarters.

Much of Airwallex’s success in Singapore is attributed to the growing number of small and medium enterprises (SMEs) aiming to expand regionally and globally. In a recent survey of 250 business leaders, Airwallex found that while SMEs are optimistic about growth, they face significant financial and talent-related challenges.

The survey revealed that financial pressure remains a significant concern for SMEs, with rising costs, cash flow challenges, inflation, and regulatory complexity as major issues, while talent shortages also emerged as a key barrier, with 46 per cent of respondents reporting difficulties in finding suitable manpower and addressing skills mismatches.

Despite these challenges, SMEs maintain a strong growth mindset—76 per cent plan to increase spending, with many eyeing expansion into Southeast Asia (40 per cent), East Asia (37 per cent), and Central Asia (30 per cent).

The survey also showed a clear shift toward digital transformation, as 96 per cent of businesses have either adopted or plan to adopt fintech solutions, attracted by their speed, transparency, and cost efficiency. Additionally, 91 per cent expressed trust in fintech platforms to manage their financial operations.

-- BERNAMA