Deutsche Bank will allow FinTech firm Airwallex to offer foreign exchange services powered by application programming interface (API) in Hong Kong and virtual account collections in Japan, according to a Monday (July 27) announcement.
The bank said retailers that harness the FinTech’s services will be able to reduce the complexity of their complete payment workflow, as they will not have to create bank accounts in their customers’ home markets.
Airwallex CEO and Co-founder Jack Zhang said in the announcement, “As more online merchants around the world, including Greater China and Japan, look to expand their client base beyond their home market, this digital payment collection service will be a game-changer for them.”
Hong Kong-based Airwallex, which was started in 2015, is a tech firm whose current clients span various sectors, including travel and online shopping.
Chintan Shah, head of corporate cash management at Deutsche Bank, APAC, said in the announcement that the bank was “delighted” to team with Airwallex.
“With our leading-edge corporate payment solutions, expertise in working with FinTech and eCommerce companies worldwide, Deutsche Bank is well-placed to be the cash management bank of choice for this industry as we help to support the growing digital economy,” Shah said in the announcement.
In earlier news, Deutsche Bank has joined forces with Google to provide the German institution with cloud service access and to provide technology-based financial offerings to clients. Terms of the arrangement were not made public at the time.
According to reports, the strategic tie-up is part of a $14.7 billion infrastructure investment that the bank has planned for the next 22 years as it works to bounce back from years of losses.
In April, news surfaced that Airwallex notched $160 million in Series D funding as it sought to widen its cross-border payments offerings. Airwallex completed its Series C funding in 2019. More recently, the company announced multiple partnerships in 2020 geared toward corporate cross-border payments.