Airwallex CEO and Co-Founder Jack Zhang - empowering businesses to grow beyond borders
Jan 18, 2024
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Airwallex's CEO and co-founder, Jack Zhang, discusses the company's growth story, their global money movement infrastructure, and their pursuit of AI opportunities. He also explains why he doesn't expect crypto to have a significant role in cross-border payments.
Airwallex is revolutionizing global business operations by providing a modern financial infrastructure that simplifies international transactions.
Airwallex is leveraging AI, including large language models, to improve KYC and onboarding processes for faster, more accurate due diligence.
Deep dives
Overview of Airwallex's Services
Airwallex is a global financial and payments platform that empowers businesses to expand beyond borders. They offer a range of products and services, including business accounts, bank accounts, corporate and employee cards, global transfers, bill pay, and integrated payments with popular e-commerce platforms. Their infrastructure allows for efficient money movement, both domestically and internationally, with the ability to scale to large volumes. Airwallex focuses on serving startups, marketplaces, and digital companies, but is also attracting traditional businesses and expanding into mid-market and enterprise customers.
Building the Global Money Movement Infrastructure
Airwallex has built its proprietary infrastructure by integrating with local clearing systems in various countries, partnering with banks and financial institutions to access local payment networks. This infrastructure enables fast and convenient cross-border payments, with the majority of transactions processed near real-time. They expanded the infrastructure to include local collection by issuing bank accounts in 63 countries, providing businesses with a simplified and globally accessible platform. Furthermore, Airwallex added credit card payment processing capabilities to offer more options for collecting funds. This infrastructure has allowed Airwallex to process a large volume of transactions efficiently across different regions.
AI and Future Opportunities
Airwallex is leveraging AI technology to enhance its services, such as using large language models for KYC and onboarding processes. This AI tool improves the speed and accuracy of due diligence by analyzing business profiles. In terms of future AI opportunities, Airwallex aims to prioritize natural language processing for better integration support, customer service, and reporting analytics. Airwallex sees tremendous potential for innovation in the fintech industry, with opportunities in cross-border payments, online payment processing, and integrated financial services within ecosystems. They are focused on expanding their ecosystem of partners to provide a broader range of services and solutions to their global business customers.
Kailee Costello hosts Jack Zhang, the CEO and co-founder of Airwallex. Airwallex is revolutionizing the way that businesses operate globally; their financial infrastructure provides a modern tech stack for businesses of all sizes to operate internationally without the challenges of the current global financial system.
They discuss:
- Airwallex’s growth story
- How Airwallex built their global money movement infrastructure
- AI opportunities Airwallex is pursuing, including using LLMs to improve KYC and onboarding processes
- Why Jack does not expect crypto to play a significant role in cross-border payments
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Kailee’s Twitter: @KaileeCostello_
Kailee’s LinkedIn: https://www.linkedin.com/in/kaileecostello/
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