Finance platform Airwallex transforms team McLaren’s supply chain payments

  • McLaren Formula 1 team, a British motor racing team, and finance platform Airwallex forged a strategic partnership to revolutionise financial operations.
  • Airwallex’s innovative payment solutions aim to optimize McLaren’s supply chain payments and enhance global competitiveness.

The McLaren Formula 1 team and Airwallex, a global payments and finance platform, have established a multi-year collaboration. This partnership entails leveraging Airwallex’s array of cross-border payment and treasury management products to support McLaren’s international financial operations.

McLaren Formula 1 announced a partnership with Airwallex

McLaren, a British motor racing team, aims to enhance its supply chain payments through the utilisation of the Airwallex product.

McLaren has revealed that its existing payments infrastructure limits transactions to UK-based single currency accounts for suppliers, including those for accommodation and event space. This results in costly foreign exchange expenses, delays in transfers, and additional SWIFT fees.

By using Airwallex’s expansive global proprietary payment rail network, McLaren will have the capability to maintain primary currencies and execute rapid and seamless exchanges as needed, thereby reducing potential SWIFT fees.

As part of this collaboration, Airwallex will also provide technology to assist in the establishment and ongoing management of McLaren’s digital partner merchandise platform. This will enhance their ability to collect payments in multiple currencies and offer a diverse range of local and international payment methods.

Also read: Nigerian Social Payments App Shuts Down Crypto Exchange Services

Hearing them out

Upon this partnership, the CEOs of both companies made positive comments.

“In the competitive world of Formula 1, efficiency and performance are crucial both on and off the track,” said McLaren Racing CEO Zak Brown, “We are happy to have Airwallex on board, and we will utilise their cutting-edge and reliable payment solutions to assist the financial operations of our team.”

Jack Zhang, CEO and co-founder of Airwallex also stated, “There are very few brands that match McLaren’s heritage and global appeal. Like McLaren, Airwallex is constantly innovating to move faster and with greater precision – with a product that unites people around the world.”

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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