Airwallex Hong Kong Increases Local Customer Base by Nearly 80% Amid Growing Adoption for Cross-Border Money Transfers

Airwallex, a leading global payments and financial platform for modern businesses, saw robust customer growth in Hong Kong, with its transacting customer base increasing by 79% YoY in the first quarter of 2024.

Reflecting the strong customer growth, Airwallex Hong Kong also recorded a 108% YoY revenue increase for the first quarter of 2024. Additionally, transaction volume rose by 86% in Hong Kong, signifying continued appetite among Hong Kong businesses to operate internationally.

“As a thriving business hub in Asia, Hong Kong has continued to accelerate digital technology adoption, positioning it as a driving force for the city’s future economic progress”, said Arnold Chan, Asia General Manager, Airwallex. “This is evident in the growing number of businesses who are turning to Airwallex to support their financial services and payment needs.

“Following the surge many fintechs experienced on the heels of the pandemic, our growth in Hong Kong over the last year demonstrates our strategic focus and commitment to the Hong Kong business community. We continue to optimise for our customers in Hong Kong and this year, enhanced our online payment acceptance capabilities, expanded our local payment rails and introduced Airwallex Reimbursements, supporting businesses across eCommerce, travel, import/export trade, retail and financial services.”

As we further expand and diversify our offerings, we also remain committed to supporting the Hong Kong business community. Close to 6,000 Hong Kong SMEs have benefited from our Go Global campaign, SME Initiatives and Airwallex for Startups program to date, and we hope we can continue to equip organisations with the additional support they need to grow beyond borders.”

In Airwallex’s Hong Kong edition of its global eCommerce report that was launched today, findings also suggest the growing demand for digital payment solutions, coupled with the need for greater transparency and flexibility. The report demonstrates Airwallex’s commitment to empowering businesses with tailored insights for success in the dynamic and expanding global eCommerce market.

Key Findings

Trust in international merchants can drive increased cross-border spend

• Hong Kong consumers show a higher level of trust in international merchants compared to their global counterparts: 77% consider international merchants to be trustworthy, significantly surpassing the global average of 61%.
• 70% of Hong Kong consumers will increase the frequency with which they purchase from overseas merchants in 2024, compared to the global average of 54%.

A seamless shopping experience is important for Hong Kong brands to win local customers

• Hong Kong consumers place twice as much importance (14%) on a high-quality online shopping experience with international merchants, compared to the global average of 7%.

Local currency and preferred payment options have a positive impact on consumer purchase decisions

• Globally, 93% of consumers, including those in Hong Kong, report that pricing in local currencies greatly influences their purchase decisions.
• 77% of global consumers and 72% in Hong Kong are likely to abandon their cart if their preferred payment method is not available at checkout.

Chan added: “Global eCommerce is on an unstoppable trajectory, and it’s clear that consumers, both in Hong Kong and worldwide, are seeking more seamless, transparent, and personalised solutions. As the industry progresses, businesses must be ready to innovate and streamline their payment infrastructure to meet their customers’ expectations”.

The full global eCommerce report (Hong Kong edition), along with recommendations on how merchants can optimise for global success, can be read here.