Airwallex Launches Yield in Singapore, Unlocking Smarter Returns After MAS Licence Approval
Airwallex Yield is an investment fund management service that allows businesses to earn competitive returns on surplus funds held within their business 1.
Through Airwallex Yield, businesses can:
Maximise returns on their multi-currency funds by investing in highly rated money market funds.
Grow their foreign currency balances without opening additional accounts.
Maintain liquidity, with no lock-up periods. Businesses can move funds between cash balances and Yield accounts as needed to meet their growth needs.
Airwallex Capital is collaborating with Fullerton Fund Management to manage its Singapore Dollar (SGD) investment strategy, and Goldman Sachs Asset Management for its US Dollar (USD) solution – both bringing deep institutional expertise to support customers' needs.
Celebrating the licence, Arnold Chan, General Manager, Asia Pacific, Airwallex, said, "Launching Airwallex Yield in Singapore is a significant milestone as we continue to innovate and empower businesses here to unlock new opportunities to thrive. This is a proud moment for us, and we're grateful to the MAS for their support and trust in our vision."
'Cash management is a crucial aspect of any business. With Airwallex Yield, we are giving businesses a simple and flexible way to grow their idle funds, empowering companies of all sizes to establish a more effective treasury function,' said Gary Harvey, Executive Director, Airwallex Capital (Singapore). 'We are delighted to be working alongside our trusted asset managers, Fullerton Fund Management and Goldman Sachs Asset Management, to deliver Airwallex Yield to businesses in Singapore.'
Mark Yuen, Chief Business Development Officer, Fullerton Fund Management, said, 'Our partnership with Airwallex marks an exciting business channel for Fullerton, extending our institutional-grade investment expertise to a broader base of corporates in Singapore. In today's complex and high-cost environment, businesses should expect more from their surplus cash – access to stable, liquid SGD cash solutions that also work harder to generate yield. With over 15 years of Treasury Management experience and SGD13 billion 2 under management, Fullerton is well-positioned to support Airwallex Yield in delivering smarter cash solutions to meet evolving corporate needs.'
'An evolving market environment calls for effective liquidity management strategies. As one of the leading liquidity solutions providers in the world, we look forward to working with Airwallex in Singapore to help companies optimise returns on their cash balances while maintaining liquidity to meet business needs,' said Mike Siegel, Global Head of Liquidity Solutions and Co-head of the Client Solutions Group in Asia Pacific, Goldman Sachs Asset Management.
The launch of Airwallex Yield in Singapore follows successful rollouts in Australia and Hong Kong, reinforcing Airwallex's strategy to shape the future of global finance, empowering companies to grow faster, smarter, and on their own terms.
To learn more about Airwallex Yield in Singapore, visit: https://www.airwallex.com/sg/business-account/yield
END
About Airwallex
Airwallex is a leading financial platform building the future of global banking for modern businesses. By combining proprietary infrastructure with software and AI, Airwallex is reimagining how businesses manage accounts, access capital, control spend, and embed financial services.
Designed to replace fragmented, legacy systems, Airwallex offers a unified platform for global financial operations – providing everything from multi-currency business accounts to payments to spend management and embedded financial products.
Founded in Melbourne and trusted by over 150,000 businesses worldwide – including TikTok, Rippling, Navan, Qantas, and SHEIN – Airwallex is powering a new era of global banking without borders.
Learn more at www.airwallex.com
About Fullerton Fund Management
Fullerton Fund Management Company Ltd ('Fullerton') is an active investment specialist, focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions. Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, Jakarta and Brunei. Fullerton is part of Seviora, an independent asset management group, owned by Temasek. Income Insurance, a leading Singapore insurer, is a minority shareholder of Fullerton.
About Goldman Sachs Asset Management
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees $3.2 trillion in assets under supervision as of March 31, 2025. Follow us on LinkedIn.
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Moreover, when you take a look at import prices, especially import prices ex petroleum, it tells the tale. We're going to see more inflation and a weaker dollar going forward. Does Trump want a strong dollar? I would think he does, and I think, well, I think like all politicians, he wants to have his cake and eat it, too. He doesn't want de-dollarization, clearly, but he wants a weaker dollar because A, it really tends to juice the tech sector, and B, it will provide relief to the beleaguered manufacturing sector that's been in an effective recession for the past couple of years. Is it too soon to say the kind of impact the softer dollars had during this earnings season, particularly what it's meant for the multinationals? It's way too early to jump on that bandwagon. I think we're really going to be talking in the fourth quarter earnings, and then next year. Moreover, a lot of those firms that he wants to help are actually having real problems with the tariff issue because, you know, 45% of everything we import goes into domestic manufacturing. So policies at a cross purposes, a good portion of the time this year, which is why that economy slowed to 1.2% growth in the first half of the year, and we think it's not going to do much better. Our forecast for this year is 1.1%. Can I ask you when we talk about these tariff policies? We've been talking about them all show. There's the near to intermediate impact, but how long do we have to wait to see what the long-term impact is? Meaning, do I have to wait till does it have to be August 2026, and Joe and Josh are back on set for me to really know, okay, it's really boosted manufacturing job. It's really opened up all these new markets for American business. It's really raised this much revenue. It's a little worse, actually. So as of midnight last night, on once we get to October 5th, we're going to have an effective 18.3% tariff. The real problem is we won't really understand what any of this means, not till October 5th, 2026, but more like October 5th, 2027. Why? Why do you say that, Joe? Because it takes so long to pass through the tariff costs. You know, there are four points along the chain. You've got your retail, you've got your consumers, you've got your importers, and you've got your exporters. At each point of the supply chain, you're going to see a bit of it absorbed, a bit of it eaten. When we went through this in 2018, for example, we didn't see the full price of the increase in the price of washing machines, dryers, and dishwashers caused by tariffs show up on consumers' balance sheets until about two years later. Turned out 90% of that cost was eaten entirely by consumers. So when we talk about whether where the cost falls falls on the value chain, and there was this big debate, maybe it's really the key debate inside the Fed. Tell me if I'm wrong, but this debate about whether the the the tariff induced inflation is one time or transitory persistent. Even if it's one time, it could go on for some time. Is that part of the point? Well, that's right, and that's why they've been counseling patients because you just don't know. Right now, for all of the noise, right? The tariff rate that's showing up, which is causing revenues to rise, right? And from the Trump administration's point of view, that's an absolutely good thing. It's about 8.85%. It's not 30, it's not 50, it's not 15. But as we get into mid-October, it'll be closer to 20 is my sense because we're still not done with Mexico, and we're still not done with China, and then USMCA has to be renegotiated next year. So this is going to be a variable target. It's going to be a moving target, but nevertheless, if you cause the average price of goods imported in the United States to rise by 18.3%, that's going to be eaten. And here's why we say that. There's a lot of talk that, well, foreign exporters are just eating the price. You know, they're going to engage in invoice pricing. If that was the case, import prices would be falling significantly. They're not. They're actually rising. So that's just not happening. So that means it's not the exporter, it's going to be the importer, the retail, or the consumer. Those points on the chain where those are going to be eaten. Joe, I can honestly say that given the news flow today, you were the perfect guy to be sitting in that chair. That's very kind of you to say. Thank you. Thank you, sir. Thank you so much, Joe.
