The Australian Securities and Investment Commission (ASIC) license will be utilized by the fintech startup to expand the Airwallex Yield's service area.

A statement at launch states that the product, which was unveiled in November, offers firms "competitive returns on multi-currency balances" through a high-yield savings account provided by K2 Asset Management.

Airwallex Yield, which was first made available to wholesale clients with a AUD 500,000 minimum commitment, will now serve a wider market for retail investors.

As a result, the product's minimum investment requirement has been cut to AUD 10,000, with immediate effect.

According to Airwallex, this redesign will allow businesses to avoid lock-up periods and effortlessly transfer money between their cash wallet balances and Yield account, unlike term deposit alternatives. Additionally, businesses will be able to "invest in funds that have historically returned more than triple the interest rates of saver accounts of the big four banks."

Companies will also be able to purchase a product that invests via a JP Morgan Asset Management fund.

The invention is "especially timely as Australian SMEs face economic challenges and rising costs," according to Shannon Scott, SVP of product at Airwallex.

He continues, "Our entry into the investment goods market highlights our position as a full-service financial services provider that can assist companies in managing their cash flow more effectively.

The fintech offers a variety of integrated financial products, including treasury, spend, and payments management solutions, like Airwallex Yield, to assist businesses in expanding internationally.

Airwallex also announced its anticipated expansion into South America with the acquisition of Mexican payment service provider MexPago for an unknown price, just before to the product's introduction in November.