Australian FinTech company Airwallex, which launched a Hong Kong SME initiative earlier this year, announces the investment of an additional HK$2.25 million to extend its support to the local startup community.
Airwallex, Australia’s leading FinTech platform, has introduced a small and medium enterprises (SMEs) initiative for Hong Kong’s emerging startup ecosystem, and has committed to an additional HK$2.25 million through its newest relief measure. Since the launch of its initiative in April 2022, the platform supported over 450 SMEs as Hong Kong businesses reopen. The additional capital added has raised the initiative’s total worth to HK$4.5 million this year, offering further support to fortify Hong Kong’s startup and SME community.
Hong Kong is home to more than 340,000 SMEs, which account for 98% of the city’s total business undertakings, employing around 45% of the private sector labour force. Witnessing the turbulence faced by the SME and startup community in recent years, Airwallex hopes to extend their support to help small emerging businesses rehabilitate and soar.
Airwallex commented on how the past years “have tested the resilience, determination, and endurance of businesses in Hong Kong.”
The General Manager of Hong Kong and Southeast Asia at Airwallex, Arnold Chan added, “We are encouraged to see some SMEs on their path to recovery, but recognise many more still face challenges ahead. This additional rollout of initiatives aims to provide relief in areas where so many SMEs continue to struggle. We hope the additional support we provide will help make a difference for Hong Kong’s SME and startup community.”
The latest relief measures will comprise of 3 key approaches- firstly, Airwallex will offer rental support by partnering with various offices and warehouse spaces and online rental payment providers to assist companies with better rent alternatives. The platform will extend its support through its integrated logistics initiative, offering discount and cashback on their partnered delivery and shipping services, such as FedEx, and Hong Kong-based logistics company GOGOX, formerly known as GoGoVan.
Furthermore, Airwallex will include marketing operations workshops along with its other measures to provide mentorship opportunities for SMEs to up-skill and scale their business.
The Co-founder of GOGOX, Reeve Kwan, shared “Together with Airwallex, GOGOX will continue to support the local businesses, and also fuel their future growth via our efficient and agile logistics solutions to fulfil various logistics needs.”