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.
See also: Malaysia’s largest fintech TNG Digital becomes unicorn, mulls IPO, says shareholder CIMB
“The US market is still the most liquid capital market and most accessible capital markets in the world,” said Zhang.
