Hua Xia Shi Bao·2026-01-13 13:37Core Insights - Airwallex has launched a personal cross-border remittance product "Full Amount Arrival" in collaboration with China Construction Bank, aiming to reduce costs and improve convenience in traditional cross-border remittance processes [2][5] - This partnership marks the first systematic collaboration between a third-party payment institution and a state-owned commercial bank in the cross-border payment sector [2] Group 1: Traditional Cross-Border Remittance Challenges - Traditional cross-border remittance processes are often cumbersome, with limited transparency and longer transaction times, negatively impacting user experience [3][4] - Users face difficulties in understanding fee structures due to a lack of clarity in intermediary charges and exchange rate costs, leading to reduced actual amounts received [4] - The reliance on the SWIFT system complicates the process, as it does not handle fund settlement directly, resulting in multiple intermediary banks that deduct fees from the remittance amount [3][4] Group 2: Innovations in Cross-Border Remittance - The "Full Amount Arrival" product addresses long-standing issues in traditional remittance by enhancing fee transparency and ensuring certainty in the amount received [5][6] - The service optimizes the cross-border fund transfer path and settlement processes, allowing users to know the final amount before remittance, thus reducing uncertainty from intermediary fees [5] - The product is designed for individual customers with high-frequency remittance needs, such as studying abroad and living expenses, and supports eight major currencies across multiple countries [5][6] Group 3: Strategic Positioning of Airwallex - Airwallex, established in 2015, has obtained payment business licenses in various global markets and aims to serve as a financial infrastructure platform connecting domestic financial institutions with global networks [7][8] - The company has seen significant growth, with projected revenues exceeding $1 billion by October 2025, reflecting a 90% year-on-year increase [7] - The collaboration with China Construction Bank integrates compliance capabilities, enhancing transaction monitoring and risk management in cross-border payments [6][8] Group 4: Industry Implications and Future Outlook - The partnership between Airwallex and China Construction Bank sets a precedent for deep collaboration between third-party payment providers and state-owned banks in the cross-border payment space [8] - While the collaboration offers a model for resource integration, challenges remain in replicating this success across different regions due to varying regulatory environments and the complexity of cross-border transactions [8]