Airwallex has received approval from Bank Negara Malaysia for both its e-money issuing licence and Class A licence, clearing the way for a full commercial launch in Malaysia and positioning the company as one of the country’s most comprehensively licensed non-bank financial services providers. The approvals expand the company’s regulatory footprint in Malaysia from selective product access to a complete, full-stack financial platform covering payments, multi-currency accounts, foreign exchange, and cross-border payouts.
Key Facts At A Glance
- Airwallex received approval from Bank Negara Malaysia for an e-money issuing licence and a Class A licence, announced April 1, 2026.
- The new licences build on Airwallex’s existing Class B Money Services Business licence and its Registered Merchant Acquirer status in Malaysia.
- The Class A licence covers remittance and money-changing services; the e-money licence enables issuance of stored-value payment instruments.
- Airwallex processed more than MYR 2 billion (approximately USD 495 million) in remittance transaction volume in Malaysia in 2025.
- The company grew its Malaysia team by 66 percent in 2025 and expanded into a new office with capacity for more than 160 employees.
- Airwallex plans to double its Malaysia headcount throughout 2026.
- Airwallex holds 80 licences across North America, Europe, the Middle East, and Asia Pacific, and serves more than 200,000 businesses globally.
- The company is co-headquartered in Singapore and San Francisco, with more than 2,000 employees across 26 offices.
From Selective Access To Full-Stack Operations
Airwallex announced on April 1, 2026, that Bank Negara Malaysia had approved its application for both an e-money issuing licence and a Class A Money Services Business licence. Prior to these approvals, the company held only a Class B Money Services Business licence in Malaysia, which restricted its operations to remittance, cross-border payments, business-to-business payments, and wallet payouts. The new licences collectively remove those constraints, enabling Airwallex to deliver a complete suite of financial services within a single platform.
With the expanded regulatory clearance, Malaysian businesses can now access multi-currency accounts, foreign exchange services, payment processing, and complex cross-border financial workflows through Airwallex without engaging multiple providers. The company described the development as a shift from selective product access to full-stack financial infrastructure, serving both domestic companies expanding internationally and global businesses seeking to operate within Malaysia.
A Market With Strategic Weight
Malaysia represents a meaningful growth market for Airwallex within its Asia Pacific expansion strategy. The company processed more than MYR 2 billion in remittance transaction volume in Malaysia in 2025 alone, driven by rising demand from businesses engaged in cross-border trade. That figure covers remittances only and does not include other payment services, indicating underlying transaction volumes are considerably broader.
Malaysia’s digital economy is targeted to contribute 30 percent of the country’s gross domestic product by 2030, a policy objective supported by the Ministry of Digital and Bank Negara Malaysia through progressive fintech licensing frameworks. Cross-border trade and e-commerce activity have continued to expand alongside that digital economy push, creating sustained demand for platforms that can consolidate multi-currency financial operations for small and medium enterprises and larger corporates alike.
Arnold Chan, General Manager for Asia Pacific at Airwallex, described Malaysia as a strategic market and said the new approvals allow the company to bring its full financial infrastructure to businesses on the ground. Chan noted that Airwallex is among a small group of full-stack, non-bank players with this level of regulatory coverage in the country.
Operational Expansion Accompanies Regulatory Progress
Airwallex has been building its physical presence in Malaysia in parallel with its regulatory progression. The company grew its local team by 66 percent in 2025 and recently moved into a larger office space with capacity for more than 160 employees. It has confirmed plans to double its Malaysia headcount throughout 2026, signaling a sustained commitment to the market rather than a purely compliance-driven licensing exercise.
The combination of expanded licensing and accelerated hiring positions Airwallex to compete more directly with established payment providers and traditional banks in Malaysia’s increasingly digital financial services landscape. Non-bank fintech platforms with full regulatory coverage remain relatively rare in the Malaysian market, where licensing requirements under the Financial Services Act 2013 and the Money Services Business Act 2011 set a high threshold for operators seeking to offer a comprehensive range of payment and financial services.
Regional Significance
The Malaysia licences add to Airwallex’s existing regulatory footprint across Asia Pacific, where the company has been steadily deepening its coverage. Its Singapore operations separately reported 107 percent year-on-year revenue growth in full-year 2025, with transaction volume rising 93 percent over the same period. Across its global network, Airwallex holds 80 licences and serves more than 200,000 businesses.
For the Malaysian fintech regulatory environment, the approval signals continued openness by Bank Negara Malaysia to licensing well-capitalized, internationally regulated non-bank payment providers seeking to operate at scale. The development is also relevant to the broader Southeast Asian payments infrastructure landscape, where cross-border payment platforms are increasingly seeking multi-country regulatory coverage to serve businesses operating across the region’s fragmented but growing digital economies.