While fans at the Bahrain Grand Prix had their eyes glued to the track this weekend, we had ours set on an intriguing partnership. Perched on the halo of the Bahrain-owned McLaren Racing team’s F1 car was a name we’ve been noticing more frequently in global business circles: Airwallex.
Founded in Australia and now operating across multiple continents, Airwallex is quickly becoming a force to reckon with in the world of business finance, especially for companies that operate across borders. We caught up with Or Liban, Vice President and Head of Middle East at Airwallex, to talk McLaren, Middle East strategy, and what the rise of digital payments means for the region’s businesses.
For those unfamiliar with Airwallex, can you give us a quick overview of what you do and how you’re helping businesses streamline financial operations?
Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from business accounts, payments and spend management to embedded finance.
Today, modern businesses need to be borderless from day one to build the business with the best resources available – and we are built to provide a financial operating system and payments network for globally-native businesses without the limitations of traditional institutions.
We’ve built out one of the most powerful global payments and financial infrastructures. Our customers use the Airwallex platform to simplify their finances—from collections to payouts—streamline multi-currency management and optimise cost savings. With our proprietary infrastructure, we take the friction out of global payments and financial operations.
What makes the Middle East such an important market for Airwallex right now?
We see the Middle East as a strategically important region, from both a commercial and technological standpoint. This is thanks to both the impressive tech and digital innovation in the Gulf in general, as well as the governments’ positive role in facilitating trade and growth.
Similar to our operations in APAC, no two countries’ rules are the same across the Middle East. We evaluate opportunities in each country on a case-by-case basis, which means we always take a license- and legal-first approach when it comes to expanding our global footprint.
We’re constantly expanding and adding new payment methods. For example, we already offer payouts to Saudi Arabia and are exploring additional countries in the Middle East. While we don’t yet know if or when we’ll expand into Saudi Arabia or the UAE, we’re interested in both and actively looking into them, just as we are in new markets across Latin America and APAC.
Beyond the branding on the McLaren F1 car, how is the racing team using the Airwallex platform behind the scenes?
Airwallex began working with McLaren Racing early last year. And while we’re visible on the car and on the drivers’ apparel, behind the scenes, we’re supporting McLaren Racing’s finance team with cross-border financial operations.
In the 2024 season, McLaren participated in races across 24 cities. That required a lot of planning and execution, but they also have to stay within the cost cap, which limits what F1 teams can spend on car development, operations, and performance to keep competition fair. So it’s all about balancing investment, expenditure, and risk.
By working with Airwallex, McLaren’s team has been able to integrate their financial operations with other functions, like engineering and logistics, so they can deploy resources more effectively. That helps them not only spend in the right way but also find financial headroom for in-season upgrades and investments by keeping track of spend in real time. Ultimately, real-time spend monitoring helps them free up funds and redirect them to where they’ll have the biggest impact on performance.
Considering McLaren is now owned by Bahrain’s sovereign wealth fund, does that influence your engagement with Bahrain or the wider region?
The Middle East is strategically important for Airwallex, but as no two countries’ rules and regulations are the same, we evaluate each opportunity individually when it comes to expanding our footprint.
We don’t yet know if and when we’ll expand further in the region, but as an infrastructure-first company, we’re always looking for ways to bring the right technology to our customers. We’ll continue to explore how we can do that in different markets.
Are there any shifts or trends in the regional financial landscape you’re watching closely? What stands out to you?
The Middle East is seeing a surge in digital payments. As a global financial hub that’s historically been dependent on cash transactions, we think this trend will not only continue but accelerate.
It’s being driven by a few factors—greater adoption of mobile payments, growth in e-commerce, and more government investment in digital payments infrastructure. We expect to see more businesses taking a digital-first approach to payments.
At the same time, companies will still need to navigate local customs and expectations, so they’ll need to offer local currencies and payment methods, but also manage cross-border transactions efficiently.
Like in other parts of the world, payments are becoming more integrated into broader business functions. Especially for businesses operating across multiple markets, CFOs will increasingly look for financial operations that aren’t siloed but connected to other departments. That’s where a platform like Airwallex can help cut inefficiencies and support smarter decision-making.
