Airwallex provides banking and multicurrency payment services for global businesses including car racing group McLaren.
“The UK is one of the most friendly markets for fintechs . . the [Financial Conduct Authority] is still one of the best regulators” Zhang told the FT.
However, becoming a bank in US will be “a lot more complicated” and applying a license will require a string of approvals from various authorities.
Thus, Airwallex plans to gain regulatory approval by buying a US bank later down the line and is aiming for a US listing as well.
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“The US market is still the most liquid capital market and most accessible capital markets in the world,” said Zhang.
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