Founded in 2015 in Melbourne, Airwallex has maintained a $US5.5 billion ($8.3 billion) valuation from investors. The payment firm offers solutions for global payments, treasury and expense management.
According to the figures lodged with the Australian Securities and Investments Commission (ASIC), Airwallex’s Australian company moved 100% of its shareholding in the group’s New Zealand business and 99.99% of the Indian business to the Cayman Islands on January 1. Indian law requires one share to remain in the country.
It is to be noted that the laws of the Cayman Islands provide protection for the privacy of the investors. They are not obliged to disclose the information of directors, officers and shareholders. The islands' laws also not required to submit financial records. This allows for maximum confidentiality, which acts as protection to individual assets and financial security.
Airwallex’s businesses around the world, including in Australia, are ultimately owned by a Cayman Islands entity that is required to disclose almost no information publicly.
In 2018, Airwallex moved headquarters from Melbourne to Hong Kong and turned down a US$1 billion acquisition bid by fintech giant Stripe.
Now in a latest, Airwallex had shifted its primary office to Singapore. However, the company will continue to file its audited financial statements with Australia's ASIC as required said a report by Australian media outlet citing an Airwallex spokesperson.
Airwallex currently has 200 staff in Australia and 1,400 globally, and services customers including Qantas and SHEIN.
One can use Airwallex business account to send money in Indian Rupees to India in just one business day.
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