Although it seems ubiquitous, Fintech is actually still a very young industry. That said, there are certainly distinctly common threads across those within it, which could largely be considered increased accessibility, and speed. Fintech is responsible for the introduction and rise of peer-to-peer payments, mobile banking, and omnichannel payments processing which benefit not only individuals but also businesses. We’re living, working, shopping, and transacting in the internet era, so it’s expected that the way we do businesses is equally as nimble – and it’s Fintech that makes this possible.
Regardless of the size of a business, keeping up to date with financial technology is imperative for not only increased efficiencies but to enable your company to scale up. As the world gets smaller, more and more businesses are looking to international markets to grow and expand. No longer a pipe dream, operating with our neighbours in Asia, in particular, is becoming a realistic goal for many Australian businesses – however transacting with internationals has historically added another layer of complexity to an already loaded minefield of cultural unknowns.
Cultural learnings aside, it’s fintech that will make these business interactions and transactions not only easier but possible. Fintech has changed business operations from not only customer management to daily operations, and in the arena that Airwallex plays in, international payments and transactions.
We know that you don’t have to be a tech business or a bank to have experienced the universal pain points associated with cross-border transactions. Many companies do business overseas or want to make a shift into international transactions and markets, but the associated costs and time are currently a hindrance to doing good business and also to profit – and seamless payments and banking mean faster growth.
The problem with foreign exchange is one that is a large scale and global, but it’s simultaneously the ability to work in a cross-border environment that can mean the difference between a business succeeding or failing. Cross-border payments aren’t just the playing field of huge multinational businesses, and it’s Fintech that’s providing end-to-end solutions for businesses wanting to break ground in international markets without the complexities and headaches that have previously accompanied international transactions. It’s time that the foreign exchange process for global integration is substantially simplified because it will benefit business immensely.
For us, fintech systems also make it possible to address the need to be accessibility and present for our Asian customers at all times – there’s no concept of 9-5 in Asia, and to effectively do global business, you need to be able to provide solutions at the time that your clients or customers need them.
Airwallex is a financial technology company that offers integrated solutions for cross-border payments. Airwallex facilitates international money transfers through a combination of payment collection, foreign exchange and local payment distribution. Supported by high profile investors including Tencent, Sequoia, MasterCard and Square Peg Capital, Airwallex brings extensive experience in the Asia Pacific to the global multi-currency market.
Built to bolster foreign exchange payments around the world, the Airwallex platform is powered by a sophisticated FX and payment engine and a transparent pricing model to avoid inflated margins and minimise market risk. The platform is able to support thousands of transactions per second and provides a low-cost alternative to existing payment networks for businesses looking to automate and scale international payment workflows.
Women Love Tech would like to thank Lucy Liu for this article.