Fintech firm Airwallex to invest S$2 billion in Singapore, create around 250 jobs over five years

SINGAPORE: Australian-founded fintech company Airwallex on Wednesday (Nov 11) announced its plans to invest more than S$2 billion (US$1.6 billion) in Singapore over the next five years.The firm also intends to increase its workforce in Singapore to over 1,000 employees in the same time frame, up from around 750 today.These announcements came as Airwallex officially opened its expanded office, which serves as its global co-headquarters. The company’s other co-headquarters is located in San Francisco.Founded in Melbourne in 2015, Airwallex operates a financial and payments platform for businesses, offering multi-currency accounts, high-speed international transfers and online payments, among other services.Airwallex opened its Singapore office on the 20th floor of Guoco Tower in February 2023, before taking additional space on the 33rd floor. It will now add office space on the 35th floor, with another floor scheduled for occupancy early next year.That will bring its total office footprint in Singapore to 80,000 sq ft over four floors.“Singapore is central to our global ambitions,” said Mr Arnold Chan, Airwallex’s Asia-Pacific general manager.“Its talent, innovation ecosystem and connectivity make it a natural home for one of our global co-headquarters, and a key base for driving our next phase of growth,” he said.The company said the planned investment will support its continued growth in Singapore, including expanding its product innovation and technology capabilities, and strengthening its global and regional operations.It intends to focus on building specialised, high-value capabilities in product development, engineering and AI to create opportunities for local talent to contribute to the company’s global operations and innovation.“We welcome Airwallex’s continued investment in Singapore,” said Mr Herman Loh, co-head of Singapore’s digital industry at the Economic Development Board.He said it will create exciting new job opportunities, and also highlights Singapore’s position as a key hub for fintech innovation.