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 qantas.com/businessmoney or when signing up for Qantas Business Money.
- Once approved for Qantas Business Money users can:
- 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
- Instantly set up local business accounts in 11 currencies to enable fast transactions and more cost-effective transactions
- Quickly and simply set up virtual Visa Business Debit cards linked to the account which can be used for online purchases.