Airwallex deepens APAC expansion with South Korea entry via Paynuri acquisition

Airwallex has entered South Korea through the acquisition of Paynuri, securing local financial licenses as the fintech company continues to expand its licensed payments infrastructure across Asia.

The deal gives Airwallex access to payment gateway and prepaid electronic payment instrument licenses, along with a foreign exchange business registration, allowing the company to operate local payment acquiring, stored value solutions, and foreign exchange services directly in South Korea. Airwallex said global business accounts and payment acquiring will be the first products launched, with additional services expected to roll out through 2026.

Rather than pursuing a conventional product launch, the South Korea entry follows Airwallex’s established approach to tightly regulated markets by first securing regulatory access through acquisition. Operating via a licensed local entity enables the company to process transactions on domestic payment rails, rather than routing payments through third countries, a structure that typically supports faster settlement times and lower costs.

The acquisition also fits into a broader Asia Pacific expansion strategy centered on licensed infrastructure:

Airwallex said the Paynuri acquisition extends its licensed footprint across Asia’s major commercial hubs, adding South Korea to markets including Japan, Hong Kong, Singapore, Malaysia, Indonesia, and Vietnam. The company positions the expansion as supporting both South Korean businesses expanding overseas and foreign companies operating in the local market.

The acquisition comes during an active period of fundraising and dealmaking for Airwallex:

Founded in 2015, Airwallex operates a global financial platform spanning cross-border payments, foreign exchange, global accounts, acquiring, and expense management. As of December 2025, the company reported USD 1.2 billion in annualized revenue and USD 266 billion in annualized transaction volume.

Arnold Chan, APAC general manager at Airwallex, said South Korea represents both an outbound and inbound growth opportunity, citing the country’s fast-growing e-commerce, creative, and entertainment sectors. He said the market offers potential for local companies expanding internationally, while also serving as an entry point for global firms targeting South Korea.

Following the Paynuri acquisition, Airwallex plans to build out its local operations in South Korea, targeting a team of around 20 employees by the end of 2026 as it integrates the licenses into its wider APAC payments network.