Deutsche Bank announced this Monday that it has partnered with global fintech unicorn Airwallex so that the latter can provide virtual account collections in Japan and API-enabled foreign exchange (forex) services in Hong Kong.
Airwallex is a startup based in Hong Kong. Founded in 2015, the company is already live in Japan, but the partnership with the German lender will allow the company to process and convert cross-border payments made by its merchants by using virtual accounts and API technology.
According to the statement from Deutsche Bank today, through virtual accounts and API technology, clients of Airwallex won’t need to open bank accounts in markets where their clients are based.
Commenting on the partnership, Chintan Shah, APAC Head of Corporate Cash Management at Deutsche Bank, said in the statement: “We are delighted to partner with Airwallex to further build the company’s international business of digital payment collections.
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“With our leading-edge corporate payment solutions, expertise in working with fintech and e-commerce companies worldwide, Deutsche Bank is well placed to be the cash management bank of choice for this industry as we help to support the growing digital economy.”
Earlier this year, as Finance Magnates reported, Airwallex closed its Series D funding round, raising $160 million in April. The recent funding round has put the total equity raised value to $362 million.
Airwallex plans on adding more partners like Deutsche Bank
“As more online merchants around the world, including Greater China and Japan, look to expand their client base beyond their home market, this digital payment collection service will be a game changer for them,” added Jack Zhang, CEO and Co-Founder of Airwallex in the statement.
“We intend to work with as many partners like Deutsche Bank to extend this service in more markets and realize our mission to empower businesses to grow beyond borders and scale the digital economy.”