Airwallex, a global financial platform, has received a Markets in Financial Instruments Directive (MiFID) license from the Dutch Authority for the Financial Markets (AFM).
The authorisation will allow the company to launch Airwallex Yield, giving European businesses a way to earn returns on idle multi-currency balances.
The product will provide small to medium-sized businesses with access to Money Market Funds (MMFs), an option not commonly available through traditional banks.
Businesses will be able to transfer funds between their cash balance and Yield account at any time, with no lock-up periods or term deposit restrictions.
Yield will support balances in euros, pounds and US dollars, enabling businesses to manage and earn returns on multiple currencies from a single account without the need to open multiple bank accounts.
Airwallex has already launched Yield in Australia, Hong Kong and Singapore.
The planned rollout in the Netherlands follows 199% year-on-year revenue growth in the market.
This was driven by a tripling of active customer accounts, the launch of products including NL IBANS, Exact Online integration and multi-currency settlement, and senior hires in risk and regulatory compliance for its new office.
Shannon Scott, SVP and Global Head of Product at Airwallex, said,
“Receiving our MiFID license is the first step to launching Yield in the Netherlands and will get us one step closer to providing European businesses with a smarter way to make their money work harder.
Instead of leaving surplus funds idle, companies will soon be able to earn competitive returns – often more than double traditional banks – while keeping full flexibility to access their cash whenever they need it. This is about helping businesses unlock greater value from their capital while navigating today’s economic environment with confidence and agility.”
Laurens Maartens, Executive Director Yield at Airwallex, said,
“Obtaining our MiFID license from the AFM is a testament to our dedicated efforts and close collaboration with the Dutch regulators.
This significant milestone not only underscores our commitment to compliance and robust financial practices but also paves the way for us to empower European businesses with innovative financial solutions like Yield, helping them to unlock greater value from their capital.”
This article first appeared on Fintech News Singapore.
Featured image: Edited by Fintech News Switzerland, based on image by smth.design via Freepik
