The UK is one of the most friendly markets for fintechs, says Airwallex CEO Jack Zhang

Payments platform Airwallex is applying for a UK banking licence, and plans to gain a similar set-up in US by buying a bank, according to CEO Jack Zhang in an interview with the Financial Times.

The Singapore-based company was last valued at US$5.6 billion in 2022 following a funding round that included Lone Pine Capital. Other investors include Tencent and HongShan, the former China arm of US venture fund Sequoia.

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.

“The US market is still the most liquid capital market and most accessible capital markets in the world,” said Zhang.