AirWallex has gained a licence for stored value facilities (SVF) in Hong Kong.
In Brief:
This comes with its acquisition of UniCard solutions.
SVFs are used as a payment instrument for goods and services in Hong Kong.
Other FinTechs with an SVF licence include PayPal, AliPay and WeChat.
What does this mean?
The acquisition of UniCard means AirWallex will now supply a prepaid card product, as well as building new facilities like multi-currency and cross-border transactions into its offering.
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