Recently, Airwallex and China Construction Bank announced a partnership to jointly launch the “Full Amount Remittance” personal cross-border remittance product. This product significantly reduces the cost of traditional bank personal cross-border remittances, improves remittance convenience, and reduces transaction and compliance risks.
This collaboration not only sets a precedent for deep collaboration between third-party payment institutions and state-owned banks in the field of cross-border finance, but also demonstrates the strategic effectiveness of Airwallex in connecting mainstream global financial institutions and jointly building an open banking ecosystem. Both parties stated that they will fully leverage their respective advantages to jointly explore new scenarios and opportunities in cross-border finance and promote the high-quality development of the financial industry.
For a long time, personal overseas remittances have been widely in demand in scenarios such as studying abroad and traveling overseas.
However, traditional cross-border remittances often 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 effectively address these long-standing pain points in personal cross-border remittances, AirForex and China Construction Bank have jointly launched the innovative “Full Amount Remittance” service, aiming to provide users with a more convenient, efficient, and secure cross-border financial experience. This service fully integrates the combined advantages of both parties in fund networks, compliance licenses, and localized settlement, significantly optimizing transaction paths and processing efficiency. Through an embedded financial service model, the product achieves end-to-end traceability and real-time information synchronization in the cross-border remittance process, significantly improving business processing efficiency and transparency. In terms of cost, AirForex and China Construction Bank, through deep collaboration, offer highly competitive fee policies for individual customers, effectively reducing the overall cost of cross-border payments. Currently, the first phase of the 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 Airwallex and China Construction Bank in anti-money laundering monitoring and transaction risk prevention. 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. AirForward, a leading global fintech company, has become a key strategic partner of China Construction Bank in the cross-border payment field, leveraging its extensive global funding network, deep cooperation with major global financial institutions, and strong technological expertise. AirForward is committed to building an open and collaborative global financial ecosystem. In March 2023, AirForward officially obtained a payment business license in mainland China, laying a solid compliance foundation for deepening its cooperation with domestic financial institutions. Currently, AirForward has established long-term and stable partnerships with many 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. Relying on its extensive banking collaboration system and localized payment channels, AirForward can provide customers with competitive exchange rates and efficient and reliable cross-border fund services. Simultaneously, through modular and embeddable fintech solutions, AirForward 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, jointly expanding cross-border financial innovation scenarios with partners. This series of robust global collaborations and technical support has provided strong support for the smooth launch and continued operation of China Construction Bank’s “Full Amount Payment” service. This in-depth cooperation with China Construction Bank marks a significant step forward for Airwallex in strengthening China’s financial ecosystem. As the first third-party payment institution in China to engage in systematic and in-depth cooperation with a large state-owned commercial bank in the field of cross-border payments, this collaboration 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 work 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.”
