Singapore start-up Airwallex to seek UK and US banking licences

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The $5.6bn Singaporean payments start-up Airwallex has laid out plans to seek banking licences in the UK and US in a bid to expand into lending and compete with global banks.

Chief executive Jack Zhang told the Financial Times that the corporate payments company — which secured its latest valuation in a 2022 funding round — was set to apply for a UK banking licence and would later…