How Airwallex Business Accounts work in Hong Kong, and why your funds are safe
In the wake of the collapse of California-based Silicon Valley Bank (SVB) and Signature Bank, we’d like to take a moment to clarify how our customers’ funds are kept safe.
Airwallex is not a bank, we are licensed as a Money Service Operator (MSO) and are regulated by the Customs & Excise Department. We partner with banks worldwide to provide cross-border money transfers, foreign exchange, payment acceptance and card issuing through our multi-currency accounts to empower our customers’ global businesses.
How are your funds kept safe?
To keep your funds safe, Airwallex has implemented commercially reasonable administrative and technical measures to protect the funds collected for or received from you in connection with our services.
Airwallex deposits all funds collected for or received from our customers in bank accounts. Unless otherwise required by law, Airwallex transfers/converts customer funds solely based on our customer’s instruction. On a daily basis, Airwallex reconciles each customer’s account balance against the customer’s transaction records and customer instructions that have been properly executed.
In order to better manage risk, we partner with multiple banks around the world to provide these financial services to customers. Our banking partners are all reputable banks like DBS, JP Morgan, Standard Chartered, ANZ, and more.
If you’re looking to reduce your risk exposure, an Airwallex business account can offer you the ability to spread funds across our 60+ different banking partners. It’s one of many reasons thousands of businesses choose us.
Our team is working around the clock to support businesses by fast-tracking global business account applications during this difficult time. If you’re interested in joining Airwallex, you can sign up for a business account here.