On March 31, 2026, the global financial technology platform Airwallex (hereinafter referred to as Airwallex) announced that it had obtained the e-money license and MSB (Money Services Business) Class A license issued by Bank Negara Malaysia.
This marks the final regulatory approval for Kongkong Yunhui to launch full local operations in Malaysia, thus becoming one of the few fully qualified integrated non-bank financial service providers in Malaysia.
It is understood that Kongkong Cloud was established in 2015 and currently has more than 80 financial licenses around the world, covering 80 markets in North America, Europe, the Middle East and Asia-Pacific, and serving more than 200,000 corporate customers.
Chen Junyang, general manager of SkyCloud Asia Pacific, said: “Malaysia is one of SkyCloud’s important strategic markets. This regulatory approval will help SkyCloud further deepen its local presence. We are pleased to provide local companies with the financial infrastructure needed to expand international business and contribute to strengthening Malaysia’s position as a regional and global growth hub.”
This approval is an important upgrade for SkyCloud’s regulatory layout in Malaysia.
Previously, SkyCloud already held an MSB Class B license and acquiring qualification in Malaysia. The newly added e-money license and MSB Class A license enable it to go beyond traditional payments and support multi-currency accounts, foreign exchange exchange and financial services in various complex business scenarios on a unified platform.
This will further consolidate Kongkonghui’s market position in Malaysia as a fully regulated corporate finance platform.
In recent years, Sky Cloud has continued to increase its investment in Malaysia.
In 2025, the size of its local team increased by 66%, and it recently moved into a new office space that can accommodate more than 160 employees, with plans to double the size of the team in 2026.
Benefiting from the growth in demand from cross-border businesses in Malaysia, the total remittance transactions processed by SkyCloud in 2025 will exceed RM2 billion.
Chen Junyang pointed out: “As one of the few non-bank institutions with such comprehensive regulatory qualifications, SkyCloud can help companies achieve cross-border growth. From assisting companies to manage multi-currency collections to supporting large-scale global payments, we provide companies with the infrastructure needed for efficient operations and independent control of funds.”
Malaysia is one of the leading economies in digitalization in Southeast Asia. The Malaysian government plans to increase the proportion of the digital economy in GDP to 30% by 2030, and e-commerce will maintain rapid growth.
As cross-border operations become more common for Malaysian companies, the need for seamless multi-currency financial infrastructure becomes increasingly prominent.
It is worth noting that Bank Negara Malaysia has recently announced that it will launch a comprehensive test of the “digital ringgit” and “tokenized deposit” systems in 2026, introducing the participation of many large institutions such as Standard Chartered Bank, Maybank, and CIMB, aiming to lay the foundation for a new generation of payment system.
Against this background, Kongkong Cloud Exchange has obtained comprehensive regulatory qualifications, which coincides with a critical period when Malaysia is accelerating the construction of digital financial infrastructure.
