Airwallex to invest more than S$2 billion in Singapore, grow headcount here to over 1,000

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The city-state is one of the company’s two ‘global-headquarters’, alongside San Francisco

The city-state is one of the company’s two ‘global-headquarters’, alongside San Francisco

[SINGAPORE] Payments platform Airwallex plans to invest more than S$2 billion in Singapore and grow its workforce in the Republic to more than 1,000 employees over the next five years.

The investment will support the company’s development of specialised capabilities in product development, engineering, artificial intelligence and global operations, said chief revenue officer Kai Wu.

Speaking at the opening of Airwallex’s expanded Singapore office at Guoco Tower on Wednesday (Nov 11), he noted that the investment is “a strong statement about confidence in Singapore and the role it will play in Airwallex’s future”.

Speaking at the same event, Minister of State for Foreign Affairs Alvin Tan said that that Singapore aims to remain an attractive destination for companies looking to grow and innovate.

The Republic’s ambition is to become a “sticky” place for businesses like Airwallex, offering access to clients, major companies, legal expertise and professional services to support their growth, added Tan, who is also minister of state for national development and a board member of the Monetary Authority of Singapore (MAS). “We are not just helping make it easier for you to grow in Singapore, but we are building this ecosystem.”

He cited the roles of MAS and EDB in strengthening the business environment, including MAS’ launch of the Future of Finance Institute.

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Airwallex said that its latest pledge boosts its “long-term commitment to Singapore as one of its two global co-headquarters, alongside San Francisco”.

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