NEWS
Airwallex Hong Kong increases local customer base by nearly 80 % amid growing adoption for crossborder money transfers
Airwallex , a leading global payments and financial platform for modern businesses , saw robust customer growth in Hong Kong , with its transacting customer base increasing by 79 % YoY in the first quarter of 2024 .
Reflecting the strong customer growth , Airwallex Hong Kong also recorded a 108 % YoY revenue increase for the first quarter of 2024 . Additionally , transaction volume rose by 86 % in Hong Kong , signifying continued appetite among Hong Kong businesses to operate internationally .
“ As a thriving business hub in Asia , Hong Kong has continued to accelerate digital technology adoption , positioning it as a driving force for the city ’ s future economic progress ”, said Arnold Chan , Asia General Manager , Airwallex . “ This is evident in the growing number of businesses who are turning to Airwallex to support their financial services and payment needs .
“ Following the surge many FinTechs experienced on the heels of the pandemic , our growth in Hong Kong over the last year demonstrates our strategic focus and commitment to the Hong Kong business community . We continue to optimise for our customers in Hong Kong and this year , enhanced our online payment acceptance capabilities , expanded our local payment rails and introduced Airwallex Reimbursements , supporting businesses across eCommerce , travel , import / export trade , retail and financial services .”
The Swiss National Bank ( SNB ) and the SIX Digital Exchange ( SDX ) have announced that they will extend their exploration of wholesale central bank digital currencies ( CBDCs ) for an additional two years . This extension is a part of the ongoing Project Helvetia , which is now entering its third phase . The project aims to further integrate CBDCs with tokenised securities and other digital assets , highlighting the potential for Blockchain technology to transform financial transactions .
Project Helvetia Phase 3 marks a significant milestone in the SNB ’ s and SDX ’ s commitment to exploring digital financial innovations . The initiative seeks to use a wholesale CBDC ( wCBDC ) as a settlement instrument for digital assets traded on the SDX platform . By extending this project , the SNB and SDX aim to thoroughly assess the benefits , operational challenges and regulatory implications of using CBDCs in real-world financial transactions .
The main objectives of Project Helvetia Phase 3 include integrating wCBDCs with tokenised securities to enhance the efficiency and security of financial transactions . This phase moves from theoretical exploration to practical application , involving live testing of wCBDCs in a controlled environment . This will provide valuable insights into the operational aspects of using digital currencies within the financial system . Addressing regulatory compliance and ensuring transaction security are
Swiss National Bank and SDX extend CBDC project for two more years
critical components of this phase , with the project working closely with regulatory bodies to meet stringent standards .
The extended pilot will involve multiple major commercial banks and financial institutions . These participants will facilitate transactions , act as intermediaries for issuers and investors , and settle tokenised bonds against wCBDCs on a delivery-versuspayment basis . The collaboration will leverage the SIC infrastructure for tokenising central bank money and integrate with traditional bond settlement systems through the SIX SIS infrastructure . www . intelligentfin . tech
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