Tencent-Backed Airwallex Acquires China License Via M&A Deal

The latest approval adds to Airwallex’s existing licenses in markets including Australia and New Zealand, Europe, Hong Kong, Singapore, the U.K. and the U.S.

(Bloomberg) — Payment platform startup Airwallex acquired an online payment business license in China after completing a deal for information services and logistics company Guangzhou Shang Wu Tong Network Technology Co.

The transaction cleared all regulatory hurdles with Chinese authorities, according to a statement Tuesday. Shang Wu Tong has a license for online payment services in the world’s second-largest economy, the statement shows.