In this episode, Lucy Liu, Co-Founder and President of Airwallex, joins The First to share the journey behind building one of APAC’s most globally scaled fintech companies.

Lucy’s story is one of global perspective, technical ambition, and long-term conviction, shaped by an upbringing across China, New Zealand, and Australia, a finance education in Melbourne, and early years in banking and investment consulting. While she valued the structure and learning of the corporate world, Lucy ultimately felt compelled to build something enduring, leading her to join her co-founders in launching Airwallex in 2015.

Founded in Melbourne and now headquartered in Singapore, Airwallex has grown into a global financial platform supporting businesses of all sizes. Its products span global business accounts, FX and payments, expense cards, payroll, and investment products. Today, Airwallex is valued at US$8 billion and stands as Australia’s third technology unicorn - proof that globally ambitious companies can be built from the region.

Lucy reflects on the early years of Airwallex, including a first product that they pivoted from to find traction and the defining decision to invest deeply in infrastructure rather than quick wins. By building core systems, such as FX engines and clearing networks, from day one, Airwallex laid the foundation for scale long before revenue arrived. That patience enabled rapid product expansion and global reach in later years.

The conversation offers a clearer look at what it takes to scale a regulated fintech: navigating licensing uncertainty, balancing speed with compliance, and convincing investors to back a long-term vision. Lucy shares how the company retained Melbourne as an engineering hub, and why direct, transparent engagement with regulators became a critical advantage. The launch of Airwallex’s multi-currency card products in 2019 marked a major inflection point, just ahead of COVID accelerating global demand for digital banking.

Beyond the business, Lucy speaks openly about her own evolution, from a finance professional to a founder forced into sales, investor meetings, and regulatory conversations. She discusses scaling culture to over 2,000 employees through a shared set of operating principles, learning to delegate, and growing herself as the company doubled year after year.

Looking ahead, Lucy envisions a future where technology companies like Airwallex redefine global banking, powered by superior user experience, AI-enabled tools, and truly borderless financial infrastructure. Anchored in The First’s mission to connect APAC’s growth story with global trends, this episode is a powerful reminder for early-stage founders: think bigger, build for the long term, and don’t underestimate what can be built from this region.