(Yicai Global) April 27 -- Airwallex can now directly onboard Chinese companies that the Australian technology firm has acquired a third-party payment business license in China, the chief revenue officer told Yicai Global in a recent interview.

Airwallex will leverage its worldwide network to offer small and medium-sized Chinese companies with lower cost but higher quality services and help bring Chinese products and services to the rest of the world, said Wu Kai, who is also general manager of the firm’s Asia Pacific division.

Last month the Melbourne-based company took over Guangzhou Shangwutong Network Technology, an information services and logistics provider with payment business license. US fintech giant PayPal is the only other foreign company with a licensed mobile payment platform in China.

Airwallex’s biggest advantage is that its integrated payment services are designed for the entire cross-border payment industry rather than just a specific scenario, Wu said. Some 93 percent of the firm’s transactions are done through its exclusive network.

Airwallex can help different types of companies at varied stages of development to build their businesses globally in a more self-sufficient and convenient way, Wu said.

Established in 2015, Airwallex processed USD50 billion in annualized transactions. Its global payment network covers more than 150 countries and regions, including Hong Kong, the UK - EMEA, the US, New Zealand, Malaysia and Singapore.

And the company is developing a new product which will improve global fund flows and plans to expand to more markets such as Canada, Japan, Latin America and the Middle East, Wu said.

Editors: Tang Shihua, Kim Taylor