Airwallex has expanded its global payment services to New Zealand as part of its strategy to drive business growth across Africa, the Middle East, and India (ANZ region).

The move allows New Zealand businesses to tap Airwallex’s solutions, including international collections, multi-currency wallets in over 11 currencies, and local payouts in over 30 currencies.

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According to the firm, its payments services will offer the businesses in the country a “faster, more cost-effective and transparent alternative to traditional banks”.

Airwallex plans to roll out its full suite of global products, including multi-currency company and employee cards, spend management and its online payment acceptance capabilities, over time.

Airwallex ANZ head of Growth Sam Kothari said that expansion into New Zealand is a natural step of the Australia-based firm, which has established a strong presence in the home market.

Kothari said: “Our entry into the New Zealand market is something our customers have been requesting for some time; businesses tell us they have been deterred from reaching their full potential in this market due to the complexity of making international payments or trading across borders.

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“By providing local businesses with a single global financial platform, we aim to empower them to scale successfully, which is especially critical in this current economic environment.”

The expansion also allows Airwallex customers in both Australia and New Zealand to collect payments from their customers, and pay their suppliers and staff in both countries.

Additionally, it also helps drive increased business growth opportunities between both markets by offering merchants the capability to convert NZD to AUD and vice versa.

“Many of our Australian customers have expanded to New Zealand. Ensuring that these Australian businesses now have an efficient and cost-effective way to streamline their financial operations between the two countries can help them with their growth plans in the ANZ region,” added Kothari.

Last month, Airwallex introduced Airwallex Borderless Card and integrated expense management solution in Singapore.