Removing costly bottlenecks, boosting conversions: How home-grown retailer found a ‘financial engine for global growth’

When home-grown retailer Motherswork started its expansion into China and Vietnam nearly 15 years ago, it hit a major hurdle.

Opening bank accounts outside Singapore took time. Sending and receiving payments from overseas often took days to complete as funds moved through multiple intermediaries. There was also the problem of high transfer fees and arbitrary exchange rates, which added to the cost of doing business.

Says Motherswork founder and chief executive officer Sharon Wong: “Setting up local bank accounts overseas was one of the biggest obstacles we encountered while expanding abroad. The complex processes created delays at a time when we needed to move quickly.”

The bottlenecks eased when the company turned to global financial platform Airwallex. Integrated into Motherswork’s online shopfront and accounting system, Airwallex helped to centralise its global payments, saving both time and cost.

In the past, overseas expansion meant having to open separate bank accounts in each new market – a process that involved extensive paperwork, compliance checks and in-person branch visits. With Airwallex, the company can now set up local currency accounts with just a few clicks. Motherswork receives, holds and spends in different currencies using a single multi-currency account, avoiding the conversion fees and hidden charges typically incurred when using traditional bank accounts.

The speed and convenience in setting up banking needs has enabled the company to establish its presence in new markets much quicker, says Ms Wong.

By using Airwallex’s local payment rails instead of the traditional cross-border payment routes, Motherswork’s international transaction fees fell by an average of 23 per cent in just three months.

A Singapore success story

Founded in Singapore in 1998, Motherswork was created to partner mothers as they journey through parenthood. As the business grew, so did its ambition to serve families beyond Singapore. The brand now has seven physical stores in China and one in Vietnam, in addition to its two local outlets at Great World City and Tanglin Mall.

To support its regional growth, Motherswork adopted an omnichannel model early on. Customers within and outside of Singapore can choose to shop and pay in-store, or place orders on its website. However, the brand’s previous payment gateway only supported card payments, which also came with high transaction fees.

With Airwallex integrated into its online storefront, Motherswork can offer a wider range of payment methods familiar to its customers across the region. The impact was immediate: checkout conversion rose by 29 per cent and average order value increased by 4 per cent.

Says Ms Wong: “We are also exploring Airwallex Corporate Cards for smaller supplier payments and day-to-day expenses. The expense tracking and multi-currency features make them a valuable addition to how we manage our finances globally.”

With over 200,000 customers worldwide, including McLaren Racing, Singapore Airlines and Qantas, Airwallex crossed US$1 billion (S$1.3 billion) in annualised revenue as of October 2025.

Says Mr Lionel Tan, director of Account Management, SME and Growth, Airwallex: “What really sets us apart from other fintech players and traditional financial institutions is that we were built from day one for global business banking. Our infrastructure combines local collection, foreign currency exchange, global payouts, treasury management and more in a single platform, giving businesses a unified view of their global financial operations.”

He adds: “Few of our peers have a solution as comprehensive and sophisticated as ours. With most other providers you need additional plug-ins and pay for other solutions from third parties.”

The future of finance

The idea that people need banking services more than banks is becoming increasingly relevant today, as experts predict a future where financial services are hyper-personalised, deeply embedded into daily operations and delivered seamlessly through software rather than traditional institutions.

Motherswork’s adoption of Airwallex reflects this shift. By integrating smarter financial tools in its ecommerce, payments and treasury systems, the company has shown how businesses can streamline operations, reduce costs and scale internationally without being held back by legacy banking processes.

“Airwallex has become the financial engine for our global growth, giving us the confidence to scale without having to juggle multiple platforms. It’s a single solution that grows with us, so we can focus on serving our customers and expanding our brand,” says Ms Wong.

Adds Mr Tan: “The industry is moving towards embedded, software-led financial experiences – where finance becomes invisible, integrated and real-time. That’s the space Airwallex is building for.

“Our goal is to be at the forefront of that shift, helping businesses everywhere realise their global ambitions without being limited by the systems of the past.”

Learn more about how you can boost your business with Airwallex.