Airwallex launches treasury product in the US, offering JP Morgan money market access

Reuters03-06 23:00
Airwallex launches treasury product in the US, offering JP Morgan money market access

SINGAPORE, March 6 (Reuters) - Airwallex, an Australia-founded fintech company, said on Friday that it has launched its "Yield" treasury product in the U.S., which allows business customers to move idle cash from their Airwallex accounts into a AAA-rated money market fund managed by J.P. Morgan Asset Management.

  • In a statement, it said the fund is a U.S. government money market fund and that the product is designed for U.S. dollar balances.

  • Airwallex said there are no minimum lock-up periods and that funds generally settle back into customers' cash balances within about two business hours.

  • It said the U.S. launch follows a successful beta period in early January.

  • The product has surpassed $1 billion in global assets under administration, it added.

  • Yield first debuted in Australia more than two years ago, Airwallex said.

  • "With the launch of Yield in the U.S., we are closing the gap in the market for a unified platform," Airwallex co-founder and CEO Jack Zhang said in the statement.

  • Founded in Melbourne in 2015, Airwallex is co-headquartered in San Francisco and Singapore.

(Reporting by Yantoultra Ngui; Editing by Alexandra Hudson)

((Yantoultra.Ngui@thomsonreuters.com;))

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment