Circles, a Singapore-based SaaS platform provider for telecom operators, and Airwallex, a global fintech platform, have announced a strategic partnership to integrate Airwallex's Embedded Finance infrastructure into CirclesX, Circles' platform used by telecom operators globally.
The integration operates through FinX, a financial services stack native to CirclesX, and will enable telecom operators to offer digital banking capabilities, including global payouts, travel cards, supplier payments, and expense management across more than 70 countries.
The CirclesX platform is used by operators including KDDI, e&, AT&T, and Telkomsel. FinX allows operators to introduce financial services directly within their existing platforms without building or managing financial infrastructure independently, obtaining separate regulatory licences, or incurring high upfront costs. On the other hand, Airwallex provides the underlying payments and financial infrastructure, holding over 80 licences and permits globally and supporting money movement to more than 200 countries and territories.
Early results and commercial rationale
Circles' consumer MVNO brand in Singapore, Circles.Life, has already deployed two FinX-powered products, a semi-open wallet and a cashback card. The wallet, available in select channels, has driven 40% incremental subscriber growth by enabling PayNow top-ups and peer-to-peer transfers. The cashback card, offered as part of a programme called Zerofy, has delivered five times growth in monthly transactions per user and a ten-fold increase in monthly spend, alongside a 30-point year-on-year improvement in customer net promoter score.
The partnership reflects a strategic challenge facing telecoms operators globally, as connectivity becomes increasingly commoditised, operators are under pressure to diversify revenue and deepen customer engagement beyond core subscription products. By embedding financial services through existing KYC capabilities, operators can access transactional revenue streams from everyday payments and remittances without the regulatory and infrastructure complexity of building financial services from scratch.
Circles will begin rolling out the FinX platform to existing CirclesX customers and other operators in the coming weeks.
Commenting on the news, Awais Malik, Chief Growth Officer at Circles, said embedded financial products will power the next phase of revenue growth for telecoms operators, describing the Airwallex partnership as providing a globally scalable financial services stack with no licensing or infrastructure burden. Further expanding on this, Arnold Chan, General Manager for Asia-Pacific at Airwallex, noted that the partnership enables operators to embed trusted financial services into their digital experiences, unlocking new revenue streams and stronger customer lifetime value.
