Airwallex and China Construction Bank join hands to create a new era of cross-border payments.

Recently, Airwallex and China Construction Bank announced a partnership to jointly launch the “Full Amount Remittance” product for personal cross-border remittances. This collaboration not only sets a precedent for deep cooperation between third-party payment institutions and state-owned banks in the cross-border financial field, but also demonstrates the strategic effectiveness of Airwallex in connecting mainstream global financial institutions and building an open banking ecosystem. For a long time, personal overseas remittances have been in high demand for scenarios such as studying abroad and traveling overseas. However, traditional cross-border remittances suffer from cumbersome procedures, lack of transparency, long arrival times, and unclear fee deductions, resulting in a poor user experience and high remittance fees. To address these long-standing pain points, Airwallex and China Construction Bank have jointly launched the innovative “Full Amount Remittance” service, committed to providing users with a more convenient, efficient, and secure cross-border financial experience. This service fully integrates the combined advantages of both parties in terms of funding networks, compliance licenses, and localized settlement, significantly optimizing transaction paths and processing efficiency. Through an embedded financial service model, it achieves end-to-end traceability and real-time information synchronization in the cross-border remittance process, significantly improving business processing efficiency and transparency. Regarding costs, AirForward and China Construction Bank, through deep collaboration, provide individual customers with highly competitive fee policies, effectively reducing the overall cost of cross-border payments. Currently, the first phase of this service supports eight major currencies, covering dozens of countries and regions in Europe and America, fully meeting the cross-border fund usage needs in diverse scenarios such as studying abroad and travel. In terms of risk control and compliance, the “Full Amount Remittance” service integrates the system capabilities of AirForex and China Construction Bank in anti-money laundering monitoring and transaction risk control. It can dynamically manage transaction processing time based on real-time risk conditions and intelligently identify and control suspicious transactions. Through technological collaboration and process integration, both parties are committed to building a safe, reliable, and compliant cross-border remittance channel, comprehensively strengthening the business’s risk adaptability and fund security while improving service convenience and cost advantages. Innovative financial technology applications are a crucial foundation for this cooperation. As a key component of China Construction Bank’s “New Finance” strategy, the bank has continuously promoted technological empowerment in recent years, constantly improving its cross-border financial service capabilities and customer experience. AirForex, as a leading global fintech company, has become an important strategic partner of China Construction Bank in the field of cross-border payments, thanks to its extensive global funding network, deep cooperation with major global financial institutions, and profound technological accumulation. AirForex is committed to building an open and collaborative global financial ecosystem. In March 2023, AirForex officially obtained a payment business license in mainland China, laying a solid compliance foundation for deepening its cooperation with domestic financial institutions. Currently, AirForex has established long-term and stable partnerships with numerous large global banks, including JPMorgan Chase, Standard Chartered Bank, Deutsche Bank, and DBS Bank, jointly building an efficient, secure, and compliant global fund settlement network. Leveraging its extensive banking collaboration system and localized payment channels, AirForex can provide customers with competitive exchange rates and efficient and reliable cross-border fund services. Simultaneously, through modular and embeddable fintech solutions, AirForex can assist partner institutions in quickly deploying cross-border payment products and integrate comprehensive capabilities such as global collection, multi-currency account management, and intelligent currency exchange, working with partners to expand cross-border financial innovation scenarios. This series of solid global collaborations and technical support provided strong support for the smooth launch and continued operation of China Construction Bank’s “Full Amount Receipt” service. This in-depth cooperation with China Construction Bank marks a significant step forward for AirForex in strengthening China’s financial ecosystem. This collaboration marks the first time a third-party payment institution in China has partnered with a major state-owned commercial bank in the field of cross-border payments. This partnership not only demonstrates Airwallex’s unique expertise in fintech and cross-border finance but also opens up broader opportunities for its continued development in the Chinese market. Wu Kai, Chief Revenue Officer of Airwallex, stated, “In the future, Airwallex will continue to collaborate with domestic and international financial institutions, leveraging its independently developed technology and AI capabilities to continuously optimize the cross-border payment experience, expand service scenarios, and jointly promote the interconnectivity of cross-border trade and financial services, contributing to the high-quality development of the financial industry.”