All Insights|Future Nexus
fintechJuly 8, 2020

Airwallex is Trying to Overhaul the Traditional Payments System

As most companies were trying to figure out how to handle the economic downturn Airwallex was able to raise $160mn; the company is creating an entirely new infrastructure to replace the traditional pipes of the global payments system, now dominated by Belgium-based Swift; ”The existing system is inefficient and fragmentary,” said Lucy Liu, Airwallex’s co-founder, to the FT. “And while we want to build our own payments platform, both for settlement and payment, we want to work with banks and other financial institutions.”; regulation could be the biggest barrier to global adoption since the various jurisdictions they aim to operate in have different rules; the company is off to a good start by working with powerful partners as it is backed by Tencent, Sequoia Capital, Hillhouse Capital, DST, Mastercard, ANZ, BCA and Salesforce; Swift took five decades to build into what it is today, Airwallex still has a way to go but is off to a fast start to overhaul a pain point for many businesses. Financial Times.