How our security and compliance works to protect your transactions

As social distancing measures became the new normal and people got more used to staying at home, the global pandemic has given an unprecedented boost to eCommerce businesses, ringing in a whole new era of digital economy.

More people in Hong Kong are making their purchases online now than ever, with a recent report predicting that the number of online shoppers will reach 6.5 million people in 2025, with an average revenue per person of US$5,907 (HK$​​45,985).

The eCommerce boom has led to increased adaptation and trust in new fintech products. Nonetheless, with new opportunities come new challenges that the public sector, regulators, banks, and financial service providers must navigate promptly and responsibly.

At Airwallex, we take our commitment to upholding and complying to legal and regulatory requirements very seriously. That’s why compliance remains at the heart of everything we do. 

At this point, you may be wondering: what does compliance mean and how do we keep your funds safe and ensure seamless transactions on our system? Ahead we’re going through how we offer a fast and secure online payment service through maintaining rigorous compliance procedures.

So, what is compliance and why is it important?  

To tackle the various challenges that arise from the new global digital economy, people who are responsible for a company’s compliance and operations -– like our colleagues at the global teams -– work to make sure online financial transactions are as transparent and efficient as possible. They do so by focusing on five core areas of monitoring, detection, investigation, prevention and advisory.

Moreover, the government of each region approves and oversees the laws for compliance, making sure that the rules stay relevant to new tech and financial developments. All of these parties work together to safeguard the integrity of our global financial system and the transactions that happen within it, protecting the system against crimes like fraud, money laundering, terrorist financing, and market abuse.

How we protect our customers

Our approach to compliance has enhanced over the years. Since day one, we have endeavoured to build and lead a global legal and compliance team with the best combination of: 

• Comprehensive regulatory, compliance, risk and legal expertise and experience

• Members with agile and adaptable mindsets to advise and manage rapid changes in financial products, services and technologies

• Grounded on the core values required to always make the right decision 

These values are central to the strength of our legal and compliance team. We promote a unified approach with all members working as one, sharing information and contributing to the growth of the Group as a whole.

For our customers, we are committed to providing agile and innovative solutions that grow alongside them and their businesses, while ensuring security and compliance remains at the centre of our services and infrastructure. Although Airwallex is not a bank, in many crucial aspects, we are regulated just like a bank. As such, there are a number of ways we protect our customers:  

• A deep compliance understanding in every region: Today, we have lawyers and compliance officers in every jurisdiction in which we operate, focusing on the regulatory and financial crime aspects of compliance. Our global teams work as an integrated unit to maintain the highest legal, regulatory and compliance standards.

• Automated transaction monitoring: We use a data-driven transaction monitoring system which provides alerts based on customer behavior and account activity. Our monitoring can be tailored to new situations and compliance requirements quickly and efficiently. 

• Know Your Customer (KYC): All our customers are subject to our comprehensive KYC process where we collect the necessary information to understand account purposes and potential red flags.  

• Working with trusted partners: To be the global financial infrastructure of the digital economy, we work with trusted partners in the financial ecosystem, such as Visa and Mastercard. These organisations help us provide faster and more secure cross-border payments for our customers.  

• Training: Airwallex requires all employees to undergo risk and financial security training on at least an annual basis to ensure the appropriate level of awareness and knowledge within the organisation.

We believe the industry and all relevant stakeholders – including governments, regulators, banks and fintechs – must promote working together to improve security and compliance measures for businesses and consumers. As we enter into new markets, we will continue innovating and improving our compliance strategy to uphold the highest of regulatory and compliance standards at all times.

This underpins our core objective, to ensure we provide the most innovative global financial infrastructure to support our customers' business needs, with security and compliance at the centre of each and every transaction.

Want to learn more about how we are shaping the future of global transactions with our fast and secure online payment portal? Get started with us today to find out how your eCommerce business can benefit from our trusted payment gateway.