ATV- Airwallex Tech Talk July 2022

Ascentis TV – Introducing Airwallex

In the latest episode of Tech Talk, Lee dives into the complex world of cross-border fintech with James Scobit from Airwallex. As economic uncertainty weakens currencies like the sterling, Airwallex aims to provide a seamless solution to the challenges posed by FX exposure, particularly for small businesses engaged in international transactions.

Airwallex’s Genesis: Solving Real-world Problems

Airwallex originated in Australia when its founders, having run a small café, encountered exorbitant transaction and conversion fees while sourcing supplies from China. Faced with the unsustainable nature of these fees for small businesses, Airwallex was born out of the founders’ desire to make global and cross-border payments as easy as local transactions.

From Cross-border Payments to an End-to-End Banking Platform

Initially focused on solving the problem of sending funds abroad, Airwallex has evolved into an end-to-end banking platform with a core principle of breaking down barriers and borders for businesses engaged in international transactions. The platform offers a centralised solution to create and manage multiple bank accounts or currency accounts, making international banking as straightforward as domestic banking.

Key Features and Services: Breaking Down Complexities

Airwallex boasts a proprietary FX tool that allows users to convert currencies within their wallet, streamlining the process of managing multiple currencies. The platform facilitates both local and international payments, with a preference for using local payment methods to enhance cost-effectiveness and speed.

Unique Card Offering and Integration with Other Platforms

One distinctive feature of Airwallex is its unique card offering in partnership with Visa, allowing users to create virtual and physical employee cards. The platform seamlessly integrates with accounting platforms like Xero and Netsuite, simplifying reconciliation processes for businesses.

Identifying Beneficiary Industries: E-commerce and Technology Take Centre Stage

While Airwallex adds value to any business dealing with multiple currencies, it particularly shines in industries like e-commerce and technology. The platform supports businesses in quickly scaling up internationally, providing a dynamic and reactive approach to the fast-paced nature of these industries.

Partnering for Success: Benefits for End Users

Airwallex emphasizes partnerships with accounting firms like Ascentis, offering end users a free 10k FX offer, priority onboarding, and dedicated account managers. This collaboration aims to provide a seamless and cost-effective solution for businesses dealing with multiple currencies.

User-friendly Interface: A Quick Demo

James Scobit offers a brief demonstration of Airwallex’s user-friendly interface. The platform’s dashboard provides a comprehensive view of currency accounts, and its core functionalities include receiving funds, currency conversion, and sending money internationally. The demonstration highlights the ease with which businesses can manage multiple currencies and make transactions using Airwallex.

In conclusion, Airwallex stands out as a game-changer in the realm of international banking, offering a comprehensive suite of services designed to simplify cross-border transactions for businesses of all sizes. The platform’s user-friendly interface, strategic partnerships, and commitment to innovation position it as a valuable ally for businesses navigating the complexities of the global economy.

About Ascentis TV

Ascentis TV is our update show that gives business leaders updates and insights on various growth-related topics such as taxation, financial management, people management and much more. The show features our amazing experts from Ascentis who have many years of experience in helping businesses grow successfully and helping individuals achieve their personal vision of success.

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