Airwallex clinches retail investment license in Australia

It will now be able to offer its Airwallex Yield product to the wider retail market.

Australia-based financial platform Airwallex has clinched an Australian Financial Services License (AFSL) by the Australian Securities and Investment Commission (ASIC) to offer businesses access to retail investment products.

The authorisation formalises Airwallex’s move into investment products, the company said in a press release.

With this, Airwallex will be able to offer its Airwallex Yield product to the broader retail market in Australia.

Airwallex Yield was earlier launched to wholesale customers. It offers investors the chance to invest in AUD or USD without having to open a foreign bank account. The minimum investment requirement is A$10,000 or its US dollar equivalent.

Earlier, Airwallex Yield has been available to businesses with a minimum investment of A$500k or its US dollar equivalent. 

Users will reportedly be able to invest in funds that have historically returned more than triple the interest rates of saver accounts of the big four banks, Airwallex said, such as a fund managed by JP Morgan Asset Management.

The license adds to Airwallex’s earlier license, which is for its existing payments and foreign exchange business since 2016.

Airwallex as a whole has attracted over A$100m in funds under management from customers.