What happened: Business services provider Vistra, founded in 1986 in Hong Kong, has launched a business account offering in partnership with Airwallex (PYMNTS). The company has over 9,000 employees and is split into an energy division (Vistra Corp., headquartered in the US) and a business service provider division that manages over 200,000 global legal entities for its clients.
Core product: Vistra’s business service business helps its clients with corporate services (e.g., incorporation, entity formation, and entity management), tax services, global employment solutions, and private wealth services.
Financial product: Thanks to the partnership with Airwallex, Vistra can offer its clients a banking product that enables them to “transfer funds between their entities, pay employees or suppliers.” Previously, clients had to manage Vistra’s services and financial accounts separately, but with the integration, they can manage their tasks faster, more efficiently, and without switching tools.
The partnership: Australian Airwallex is mainly known for its financial products for global businesses, which enable them to open payment accounts, manage expenses, and, most importantly, conduct foreign exchanges. The company seems to focus more on partnerships and enabling brands like Vistra to embed financial products. A US- or Europe-only banking-as-a-service provider would not have been a good fit since Vistra needs a partner to offer financial products in multiple geographies.
