Replay builds flexible financial infrastructure to support game studios in expanding globally.

About Replay Replay is a Singapore-based venture builder and early-stage investor focused on the mobile gaming sector. Rather than developing games in-house, Replay partners with experienced founders to build and scale independent studios from the ground up. Replay’s role extends beyond providing capital. The company works alongside founders to structure studios, devise go-to-market strategies, and provide operational support, allowing teams to focus on game development and publishing. Replay currently focuses on mobile puzzle games while exploring other genres such as tower defense and idle games. With a vision to build studios capable of global scale, Replay is expanding its operations across Asia and other markets, with Vietnam playing a key role in its operational ecosystem. Industry: Mobile Gaming Headquarters: Singapore Legal Entity: REPLAY GLOBAL PTE. LTD. Airwallex Products Used: Global Accounts, FX & Transfers, Corporate Cards

The Challenge The venture builder model presents financial challenges distinct from those of a standalone startup. Replay must fund and support multiple studios and track operations across various markets, all while ensuring that local teams can access necessary resources without being slowed down by fragmented financial processes. Rapid Capital Coordination Between Replay and Studios Replay needs to receive funds, centralize balances, and allocate capital to studios based on operational needs. Cash flow often requires movement between headquarters, various legal entities, and different accounts within the studio network. If every transaction flow had to pass through a separate banking structure, the team would incur additional time for processing, tracking, and reconciliation. Transfer costs could also escalate as capital moves repeatedly across multiple accounts and markets. Replay requires a centralized money movement layer—flexible enough to transfer capital between Replay and its studios rapidly, transparently, and repeatably as the network expands. Multi-currency treasury management without forced conversions Cross-border operations require Replay to handle multiple currencies and diverse cash flows. The business needs the ability to receive funds into appropriate accounts, maintain balances in the original currency, and convert funds only when truly necessary. An inflexible financial structure could force premature currency conversion, driving up costs and limiting the ability to allocate capital strategically. For Replay, the challenge goes beyond executing international transactions; it involves managing the entire capital lifecycle—from receipt and holding to deployment to the right studios and markets. Converting USD to VND for team payments in Vietnam Replay needs to cover operational expenses and team payments in Vietnam, including salaries, freelancer fees, and contractor payments. To execute these payments efficiently, Replay must convert USD to VND and deliver funds to the correct recipients in Vietnam through a clear process that minimizes manual handling. This is essential for transforming treasury-level capital into resources ready for actual game development operations. Controlling spending across studios and the HQ team Studios and the headquarters team need to make payments for various growth-related items—ranging from programmatic user acquisition and software tools (like Unity) to business travel and international relocation expenses. Replay needs to empower the right people to spend for the right purposes while maintaining system-wide visibility and control. Relying on fragmented card solutions or reimbursement-based models can slow down processes and make management difficult as the number of studios grows. The Airwallex Solution Replay uses Airwallex to consolidate capital inflows, treasury management, fund transfers, and global spending onto a single financial infrastructure layer. Building a centralized multi-currency treasury layer for the entire studio network Through Global Accounts, Replay can generate virtual bank accounts in key international markets and receive funds directly into a multi-currency wallet. This enables the business to collect funds from regional entities, marketplaces, or distributors without relying on traditional bank transfer processes. Replay can receive, hold, and manage balances on a single platform, then allocate capital between Replay and its studios as needed. This approach replaces a fragmented banking structure with a more agile treasury layer suited to the venture builder model. Instead of rebuilding financial processes for each studio, Replay maintains a unified operational framework to support diverse teams and markets. Converting USD to VND and making payments in Vietnam With FX & Transfers, Replay can convert currencies at competitive rates and execute payments to its global workforce. For operations in Vietnam In Vietnam, the USD-to-VND conversion process enables Replay to transfer funds directly from the treasury to cover payroll, freelancer fees, and contractor payments. Integrating foreign exchange management with fund transfers on a single platform streamlines operational workflows. The team can take a more proactive approach to liquidity planning, budget allocation, and studio support, eliminating the need to process individual transactions across multiple disparate systems. Empowering studio heads and HQ teams with spending capabilities Replay utilizes Airwallex Cards to issue physical and virtual cards to studio heads and designated headquarters staff. These cards are used for key expenditures, such as: High-frequency, high-volume programmatic user acquisition Game development tools and software, including Unity Global business travel and operational expenses This approach allows Replay to quickly grant spending authority to those directly managing studio operations while keeping expenses within a traceable, controllable financial system. Teams can focus on growth, while Replay maintains full visibility into how funds are being utilized. Standardizing financial infrastructure for new studios A major advantage of Replay’s model is its ability to support studios from the very early stages. By establishing treasury, payout, and corporate spending functions within a reusable operational framework, studios avoid the burden of independently solving banking and payment challenges. Replay provides founders with a scalable financial platform, allowing the studio to focus on product development, team recruitment, and bringing games to market. For a venture builder, this goes beyond merely optimizing individual transactions; it is about building a consistent operating model that enables every new studio to launch faster and operate more efficiently as it expands internationally. Results Airwallex helped Replay build a financial infrastructure tailored to the unique operational needs of a venture builder and its cross-border studio network. Centralized the receipt, holding, and allocation of funds between Replay and its studios. Enabled more flexible multi-currency balance management, minimizing unnecessary currency conversions. Integrated USD-to-VND conversion workflows with local payroll and team payments in Vietnam. Supported salary-style payments alongside freelancer and contractor payouts within a single operational workflow. Provided physical and virtual cards to studio heads and HQ staff for expenses such as Unity subscriptions, user acquisition, software, and business travel. Established a scalable financial infrastructure framework to support the launch of new studios. Instead of viewing finance merely as a back-office support function, Replay transformed its treasury and spend infrastructure into an integral part of its studio-building strategy. Capital reaches the right place at the right time, allowing teams to focus on what matters most: building globally viable game products. Looking Ahead As Replay continues to partner with founders and expand its studio portfolio across Asia, the need for an adaptable operating model becomes increasingly critical. A unified financial infrastructure enables Replay to maintain agility at the corporate level while equipping individual studios with the tools needed to operate from day one. From multi-currency treasury management and cross-border fund transfers to local spending and payouts, Airwallex alleviates the financial operational burden, allowing studios to focus on building, developing, and launching games. Comprehensive financial infrastructure for global businesses Discover how Airwallex helps businesses manage multi-currency accounts, international transfers, and spend control on a single platform. Discover Airwallex This publication is for general information purposes only and does not constitute or replace legal, tax, or professional advice from Airwallex. Airwallex makes no representations, warranties, or undertakings—whether express or implied—regarding the accuracy, completeness, or currency of the content; you should seek independent advice before acting on this information. 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