Web3 gaming company opens Airwallex Global Business account to build Neopets Metaverse
Hong Kong-based game developer Neopia Meta Lab is bringing the nostalgic charm of Neopets to today’s world of Web3 gaming. Over the last two decades, the original Neopets.com browser game has won over more than 150 million fans from around the world. Neopia is building a brand new metaverse experience based on the well-loved virtual pet game. Launched in 2021, Neopets Metaverse has attracted a young generation of Neopians and offered a more immersive Web3 experience to its long-time followers. As Neopia continues to tap into its growth potential, the company has partnered with Airwallex to overcome some key challenges in its day-to-day operations.
Save up to HKD 200 on every foreign transaction
Neopia works with a number of global service providers to build Neopets Metaverse. Given its international presence, the company needs to make frequent payments in foreign currencies such as USD, Euro, and Australian Dollar. Before using Airwallex, it faced expensive bank charges whenever such foreign transactions took place. Neopia had to pay a telegraphic transfer fee of about HKD 100-200 per transaction to the bank on top of costly FX charges. This quickly added up to a considerable sum with the high volume of expenses that Neopia carries out on a daily basis.
Through a business referral, Neopia discovered Airwallex and opened a free global Business Account. Using Airwallex, Neopia no longer has to go through traditional bank services and is able to save on their foreign transaction costs. The Web3 game developer can also manage the payroll for its global employees much more easily with the Global Account. It is able to select the preferred payout currency and use the local currency to pay their overseas employees without being charged a transaction fee.
“Within the first month of using Airwallex, I immediately found it very easy to use. It has a Global Account that allows me to easily do the payroll for my employees all over the world.”
Kaye Chau, Operations Manager of Neopia Meta Lab
Save 1-3% on foreign exchange rates
In addition to bank transaction fees, Neopia also has to consider the foreign exchange rates when making global payments and transfers. Airwallex offers a competitive currency conversion rate, which is 1-3% lower than the market price. This helps Neopia gain better control and save on their foreign transaction costs.
Moreover, Neopia is able to make faster global transfers using Airwallex, ensuring that there is never a delay in their everyday business payments. Typically, traditional banks take up to 2-3 days to process a transaction. With Airwallex’s Global Account, Neopia can easily make same-day transfers around the clock. Their business can pay like a local and make transfers directly to local bank account numbers instead of using SWIFT codes.
Create company cards for employees in minutes
As a Web3 game developer, Neopia is a heavy user of SaaS applications, such as Google Ads for marketing, and they often need to pay their service providers in foreign currencies like USD. The Airwallex Borderless Card, which serves as a multi-currency company card for Neopia’s employees, makes this payment process more seamless and easier to manage for Neopia.
The company can gain greater control over business expenses, such as their SaaS subscriptions, as they are able to set spend limits and track employee spending in real-time. This makes sure Neopia always stays within their monthly budget and has full visibility over where each dollar has gone.
Moreover, Neopia can reconcile their expenses in one place, which helps them save time on expense management. They can automatically sync all company card expenses into their Xero account using Airwallex for seamless bookkeeping.
New employees who join Neopia will get their own Airwallex Borderless Card on their first day of work. It only takes a few minutes to create the company card, making onboarding new employees a fuss-free process.
Achieve rapid global expansion with Airwallex
Since its beginning, Neopia Meta Lab has been a global-facing, Web3 gaming development company. Their ambitions are to revive Neopet’s IP and bring it into the metaverse for veteran Neopians and newcomers alike worldwide. Through offering free company cards, helping them to save transaction costs and streamline their expense management, Airwallex is able to support Neopia’s global expansion plans.
“Airwallex has been a great supporter in the sense where we can recruit team members from all over the world without worrying about the admin tools behind it.”
Dominic Law, CEO of Neopia Meta Lab
Airwallex helps globally-minded companies grow their business on an international scale. If your business is looking to optimise and save on global payment transfers, open a free Airwallex account today.
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