Airwallex, the global payments and financial platform, has entered a multi-year partnership with the McLaren Formula 1 team, which will see it support McLaren’s global financial operations through its treasury management and cross-border pay-outs and settlement product suite.
McLaren plans to leverage the Airwallex product suite to optimise its supply chain payments for all Grands Prix. McLaren revealed that its existing payments infrastructure limits payment to suppliers, such as hotel and event space providers, to a singular currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfer time and additional SWIFT fees.
Airwallex’s financial technology will unlock multi-currency payment options for McLaren, enabling it to hold core currencies and exchange them with speed and ease at any point while reducing the amount of SWIFT fees that may be payable by leveraging Airwallex’s extensive global proprietary payment rail network.
Jack Zhang, CEO and co-founder of Airwallex, also added: “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.
“Our partnership will play a key role in supporting our global expansion, and we look forward to working with the McLaren team in 2024 and beyond to support our mutual growth.”
As part of this partnership, Airwallex will also provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform – further enhancing their multi-currency collection capabilities and allowing them to offer a broad range of global and local payment options.
Airwallex takes pole position
Alongside the product integration, Airwallex will become a partner of the McLaren Formula 1 team, with the Airwallex logo prominently displayed on the halo of the McLaren MCL38, on driver Lando Norris’ and Oscar Piastri’s overalls including the pit crew, as well as across other McLaren official branded material.
Zak Brown, CEO of McLaren Racing, explained: “In the competitive world of Formula 1, efficiency and performance are crucial both on and off the track. We are delighted to have Airwallex on board and use their innovative and trusted payment solutions to support our team’s financial operations.”
Airwallex’s partnership with the McLaren Formula 1 team, a prominent and much-loved brand, aligns with its global ambitions to be the financial platform of choice for innovative businesses across the world.
Image and article originally from thefintechtimes.com. Read the original article here.