K Dollar leverages Airwallex to manage expenses & transact with 10,000+ merchants
How Airwallex’s all-in-one financial platform solves the top three pain points of Hong Kong’s premium loyalty rewards program.
<24 hours
needed for transactions to arrive, which normally takes 3 days
1 minute
required to create virtual corporate cards
<48 hours
needed to successfully open an Airwallex Global Account
The "K Dollar Program" is a points rewards program that originated from K11 Art Mall and K11 MUSEA, and has grown into a cross-industry membership loyalty platform under the New World Group.
Industry
Retail and eCommerce
Location
Hong Kong
Jointly created by K11 and New World Development, K Dollar is a points rewards program that has amassed nearly 1 million members in Hong Kong.
Under the K Dollar program, registered members can easily earn and spend K Dollar rewards at over 10,000 participating merchants across Hong Kong and mainland China that range from retail, F&B, hotels, wellness, insurance, and more.
Having to manage such a large-scale rewards program, with thousands of participating merchants collecting and distributing K Dollar rewards daily, the company requires a one-stop solution to make payments to their merchants on time.
Challenge 1: High volumes of K Dollar transactions complicate bookkeeping process
Reaching a staggering 1 million members in Hong Kong, combined with an expanding list of participating merchants, K Dollar has to keep track of an immense amount of transactions on its system and deal with substantial settlement tasks behind the scenes on a daily basis.
Previously, K Dollar relied on a more traditional bookkeeping approach, which made the task of recording all the K Dollar transactions performed by merchants rather challenging.
Solutions & Results: Airwallex’s Global Account seamlessly facilitates K Dollar transactions
Using Airwallex’s multi-currency Global Account, K Dollar is able to track all transactions more quickly and settle payments for their partner merchants within the same day, as opposed to up to 3 days via traditional transfer methods.
Justin Chu
General Manager of K Dollar Program
"Airwallex offers both physical and virtual corporate cards tailored to the needs of different staff. Their virtual corporate card can even be set up in just 1 minute. Its features make expense management and approval processes notably easier for us."
Challenge 2: Difficult for enterprises to get corporate cards
K Dollar often spends on digital marketing services such as Meta ads, SaaS subscriptions, and virtual customer service tools like WhatsApp Business. To pay for these subscription-based services, the company has the need to create corporate cards for the marketing team. However, applying for corporate cards is often difficult in Hong Kong and has a long wait time.
Solutions & Results: Create Airwallex Borderless Cards in 1 minute
With Airwallex, K Dollar can now create Borderless Cards online for their employees in just 1 minute – skipping the long queues and tedious paperwork of going through with traditional banks.
The company can set the spend limit for each employee to ensure they always stay within the budget. With all employee spendings organised under the same account, K Dollar can easily monitor and manage employee spendings.
Even better, K Dollar saves 3-5% in FX fees by making payments with the Borderless Card, since numerous SaaS and online ad payments are charged in USD.
Challenge 3: Finding the right partner for business growth
As a new-generation rewards platform in Hong Kong, K Dollar focuses on remaining agile in response to the ever-changing business landscape and constantly develops new solutions to drive innovation.
To keep up with its constant innovations, K Dollar has to find a trustworthy payment partner that understands its needs and can provide comprehensive support.
Solutions & Results: Airwallex accelerates business growth for K Dollar with all-in-one platform
Airwallex offers an innovative financial platform for enterprises like K Dollar, enabling the company to streamline its payment and bookkeeping processes while offering excellent customer service.
Recognising the synergy between both companies, Airwallex actively expands its partnership with K Dollar by offering its SME customers K Dollar rewards. Through working more closely with Airwallex, K Dollar is able to reach a greater audience and further expand its membership base.
Justin Chu
General Manager of K Dollar Program
"At K Dollar, we are committed to delivering seamless member experiences. This goes hand in hand with Airwallex’s professional and rapid after-sales service."
See how our customers are finding Airwallex
"Airwallex has been a game changer for all our banking needs. As a fast-growing startup, we need a scalable yet cost-efficient batch payment solution to pay our employees and vendors both inside and outside Hong Kong. Airwallex helps us save money on every bank transfer with their near-zero transaction fee and market-beating FX rates. We also use Airwallex’s multi-currency Visa cards for business travel expenses and SaaS subscriptions to avoid hidden bank fees that would otherwise have been difficult to spot. Would highly recommend other startups to get started with Airwallex!"
Henson Tsai
Founder, SleekFlow
"Importing the best wine and sake overseas always involve extra costs on transaction fee & FX fee. With Airwallex, we saved 100% of our overseas remittance cost and we could provide the best price for our customers."
Tomy Wu
Co-Founder, MyiCellar
"Airwallex is an innovative fintech platform with a first-class customer support team. They transformed the previously painful process of creating corporate cards and managing business accounts into something simple, convenient, and cost-effective. The onboarding was quick and smooth, the security features exceeded our expectations, and most importantly, it is really easy to use. Airwallex saves a lot of my team's time and the simplicity is genius."
Gavin Black
Interim CEO & Chief Financial Officer, PURE Group
"I’m so thankful that Airwallex exists! In Hong Kong, it's so hard to find financial service providers that are friendly to small businesses. Airwallex allows me to exchange currencies at really great rates, and the interface is very modern and easy to use compared to my bank. We save so much money with Airwallex! In just a few months, we've already saved more than HK$78,000 in unnecessary fees!"
Jennifer Chong
CEO, Linjer
"Airwallex provides us with flexibility and cost savings on our international fund flows. We are using Airwallex to pay international suppliers and are saving up to 90% on transaction fees and FX verses traditional banks - thanks to their competitive exchange rate and low transaction costs."
Kelvin Kan
Founder, Homemakase
"Airwallex has been great for our team - it makes payments and transfers so much easier, and has saved us significant amounts of time compared to what we were doing before with HSBC. Airwallex's platform is easy to use and very intuitive. Airwallex virtual card has solved most of our painpoints with sharing corporate card numbers and credit card limits. The best part is being able to save money on all our monthly bank transfers, and we've already saved thousands of dollars by using Airwallex. Airwallex's support has also been highly responsive to troubleshoot any issues in a timely manner."
Sarah Chang
Co-founder & COO, Forkast.News
"Airwallex offers both physical and virtual corporate cards tailored to the needs of different staff. Their virtual corporate card can even be set up in just 1 minute. Its features make expense management and approval processes notably easier for us."
Justin Chu
General Manager, K Dollar Program
"With Airwallex, we were able to start accepting local payments quickly. Because the user experience is intuitive and the checkout process faster, we’ve actually had a 50% increase in shoppers using local payment methods."
Rebekah
Business Development Director, Slowood
