The global stage awaits Hong Kong startups, and Airwallex is ensuring they enjoy the spotlight. Here’s how.
Startups are ambitious undertakings. Taking an idea and growing it into a viable product, platform or service takes commitment and discipline. It also requires a supportive ecosystem that can help these startups unlock business opportunities.
As daunting as all that sounds, there is recognition that startups are a key engine for innovation and growth and a core part of ensuring a strong economy. In Hong Kong, a lot of work has gone into enabling a healthy startup ecosystem by identifying the pain points many of them face—be it funding, limited access to consumers, the increasingly competitive landscape and much more.
Having successfully grown from a startup to a global business itself, Airwallex knows the potential Hong Kong’s entrepreneurs hold, understands the challenge and is committed to supporting the next generation of startup businesses with global ambitions.
What is Airwallex for Startups?
With support from Hong Kong flagship incubators and in collaboration with Hong Kong business partners, Airwallex launched “Airwallex for Startups” in September 2023 with the aim to help businesses support the city’s early-stage businesses on their international expansion.
In partnership with HKSTP and Cyberport, the program is a business readiness campaign that offers low overseas transaction fees, customizable Visa borderless cards, exclusive offers and much more.
Originating in Melbourne, Australia’s coffee capital, Jack Zhang and three fellow entrepreneurs’ first iteration of Airwallex was a café—a testament to its ability to always sniff out the most well-suited business ideas. As the founders worked to build a supply chain that was smooth, efficient and without unnecessary costs, they quickly discovered the friction points that they would aim to solve, eventually founding Airwallex in 2015.
The “Airwallex for Startups” program was inspired by our co-founders who, in their early days building a café, probably wished they had access to a program like this to grow their coffee business (that said, we are ever-so-grateful that they pivoted to pursue and build Airwallex). The General Manager of Asia at Airwallex, Arnold Chan, emphasizes the benefits of expanding internationally in a recent press release about the program, “Going global may at first seem daunting and out of reach, but the return on investment is massive—including multiple revenue streams, access to a broader customer and greater business resilience.” The program embodies this ethos, offering a pathway for startups to achieve global success and economic prosperity.
Building the A(irwallex)-team
Airwallex has formed strategic alliances with companies including virtual insurance company Bowtie, flexible workspace provider The Executive Centre and cloud-based accounting software provider Xero to redefine cost and operational efficiency. These partnerships enable startups to concentrate on expansion without being bogged down by logistical complexities. In the coming months, Airwallex customers will also have the opportunity to engage in webinars organized by Cyberport for startups and network with the Hong Kong Science & Technology Park community.
Chan adds, “While starting a business is an exciting endeavor, startups and SMEs tend to have limited resources. From the challenges of time management, lack of marketing and sales campaigns, to managing expenses, we want to make things that much easier, and ultimately, provide guidance and offers that can help them succeed, and better streamline operations.”
Airwallex has already empowered nearly 1,000 SMEs in Hong Kong with a comprehensive suite of services in the past few years.
“Airwallex for Startups” builds upon Airwallex’s previous successes with the SME Initiative and Go Global campaigns, which have already empowered nearly 1,000 SMEs in Hong Kong with a comprehensive suite of services.
A treasure hunt reveals the perks
Airwallex set up a treasure hunt during a StartmeupHK event organized by Jumpstart.
Image courtesy of Airwallex
During the “Explore the Innovation Ocean” event in this year’s StartmeupHK—a high-profile, government-backed event organized by Jumpstart—Airwallex introduced a treasure hunt. The quest, offering up to 1,000 Asia Miles, featured activities like crafting custom corporate Visa cards, learning about the hidden bank fees and cross-border FX payment fees and exploring over 160 local payment options supported by Airwallex.
The treasure hunt revolved around several key hints: “unlock boundless growth”, “spend and pay globally”, “go global” and “go where the flow takes you”. These clues cleverly highlighted Airwallex’s real-world offerings, like its borderless Visa cards—a series of free corporate cards offering a 1% cash rebate on local and international spending.
Empowering startups with tailored solutions
“Airwallex for Startups” is replete with offerings specifically tailored for startups:
- Lower fees: Startups can transact in multiple currencies with global accounts, eliminating up to 80% of foreign exchange (FX) and 100% of overseas transfer fees. They also benefit from competitive currency exchange rates, which can be as low as 0.2% above the interbank rate.
- Receive payments digitally: Businesses can use its Payment Acceptance solution to kickstart digital payment processes using a variety of payment methods, such as Visa, Mastercard, Apple Pay and WeChat Pay.
- Seamless expense management: Startups can manage expenses effortlessly by creating free virtual and physical cards for both offline and online purchases. These cards are accepted wherever Visa is, all without incurring FX fees or hidden charges.
- Gain a sense of community: “Airwallex for Startups” recognizes the challenge of connecting with the right mentors and partners for startups. Its platform aims to streamline this process, providing valuable networking opportunities for emerging businesses.
Ultimately, “Airwallex for Startups” aims to replicate Airwallex’s success story for other startups, offering comprehensive solutions that minimize fees, facilitate digital payments, simplify expense management and foster connections within the startup community. This program is a gateway for startups to realize their global ambitions without the need for a coffee shop experiment.
About Airwallex
Airwallex boasts a global footprint across 20 locations and supports over 100,000 businesses. To date, the business has raised over US$900 million and is valued at over US$5.6 billion. Its comprehensive platform offers a suite of financial tools designed for modern businesses, including global accounts for streamlined local and international fund transfers in various currencies, unified bill payment solutions, borderless company Visa cards and robust expense management.
Header Image by Airwallex
