Airwallex Partners with Qantas Loyalty to expand its financial services with ‘Business Money’

Australia-founded global fintech Airwallex has been  chosen by Qantas Loyalty as the technology partner for its new financial services offering,  Qantas Business Money, aimed at making it easier for Australian companies to do business  overseas while also allowing them to earn Qantas points. 

Qantas Business Money will be available in the second quarter of the year to more than  350,000 small and medium size businesses (SMEs) who are Qantas Business Rewards  members. The technology will be powered by Airwallex.  

Airwallex Co-founder and CEO Jack Zhang, said, “We are proud to be Qantas Business  Rewards’ technology partner of choice for its new and innovative offering, Qantas Business  Money. 

“This partnership is testament to the strength of our competitive global financial infrastructure  that we’ve built over the last six years. Our platform empowers small businesses to operate  globally without complexities and remove barriers to international expansion. It also enables  larger organisations like Qantas to provide these same benefits to their customers through  seamless integration.  

“We’re very excited to work together with one of the most iconic brands in Australia to  continue to remove the constraints that Australian companies face in the current global  financial system,” Mr Zhang added. 

Airwallex has regulatory approval to operate across Asia-Pacific, Europe and North America,  and upholds the highest regulatory and compliance standards in all the regions it operates  in. 

Through Qantas Business Money, businesses will be able to: access highly competitive  foreign exchange rates that are up to 70 per cent less than the big banks; instantly set up  local business accounts in 11 currencies; and use virtual Visa Business Debit cards to  enable payments in local currencies.  

Qantas Business Rewards members will earn up to 25,000 bonus points after signing up and  transacting with Qantas Business Money, as well as ongoing points everyday based on the  volume of international foreign currency conversions at a rate of 1 point for every A$10  transacted. 

Qantas Loyalty CEO, Olivia Wirth, said the partnership was integral to diversifying the  Qantas Business Reward program’s financial services offer for members.

“Earning Qantas Points on everyday business expenses is a real drawcard for the business  owners in our program and helps them maximise the value they get from our program,” Ms  Wirth said.  

“In partnership with Airwallex, we’ll be delivering a digital cross border payment platform that  allows members to access extremely competitive foreign exchange rates and transact in  local currencies when doing business offshore, all the while earning points.  

“The stunning growth of Airwallex shows there is huge demand for this from small to medium  size businesses.  

“Australia’s love of earning Qantas Points has seen us build strong partnerships with some  of the country’s biggest brands, as well as some of the most innovative. These connections  are key to keeping our members engaged in the program and ultimately drive value for our  business,” Ms Wirth added. 

Last year, Qantas trialled the technology with 170 businesses. Tony Nikro from freight  forwarder Nikro Customs and Trade Services, which does business in Asia, North America  and Europe, said the platform overcame challenges with traditional financial services which  can be complex, slow and involve a lot of red tape.  

“Having the chance to trial this solution was valuable for my business. I’d never used  anything like it before, it’s not set up like a bank or money transfer, which we’ve  predominantly used in the past. Structurally, it was so different. It was quick, easy and much better value, plus the potential to earn Qantas Points is incredibly appealing,” Mr Nikro said. 

Qantas Business Rewards lets members earn points on everyday business expenses  including Qantas flights, hotels, petrol, insurance, technology and utilities. Members can also  be rewarded across a range of financial services including business credit cards and  business finance. Qantas Points earned from business expenses can be redeemed on  leisure or business travel, Qantas Wine and in the Qantas Rewards Store, or to reward  employees. 

Qantas Business Money is the latest financial services product to be launched by Qantas  Loyalty. It follows Qantas Travel Money, home and personal loans, investment and wealth  management solutions, savings accounts and credits cards. 35 per cent of all credit card  transactions in Australia are made on a Qantas Points earning credit card, demonstrating the  value frequent flyers put on earning points through financial products. 

How it will work: 

  • When it launches, existing Qantas Business Rewards members can apply to use  Qantas Business Money.  
  • Businesses who are not Qantas Business Rewards members can join free today via or when signing up for Qantas Business Money. Once approved for Qantas Business Money users can: 

o Begin making payments using multi-currency funds internationally through the  account wallet, taking advantage of highly competitive foreign exchange rates  that are just a fraction of the cost of traditional banking 

o Instantly set up local business accounts in 11 currencies to enable fast  transactions and more cost-effective transactions 

o Quickly and simply set up virtual Visa Business Debit cards linked to the  account which can be used for online purchases 

About Airwallex 

Airwallex is a global payments platform with a mission to empower businesses of all sizes to  grow without borders, and by doing so, contribute to the global economy. With technology at  its core, Airwallex has built a financial infrastructure and platform to help businesses manage  

online payments, treasury and payout globally, without the constraints of the traditional  financial system. Airwallex has raised US$800 million since it was established in 2015, and  is backed by world-leading investors. Today, the business operates with a team of over  1,000 employees across 19 locations globally. 

For more information 

For more information: 

Gina Daryanani

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