How the Malaysian F1 aligned perfectly with Airwallex's expansion plans

In 2024, Airwallex made its foray into sports sponsorship with McLaren Racing, a multi-year tie-up that has brought the financial platform significant exposure, especially as the team's Lando Norris won the 2025 Formula 1 World Drivers' Championship.

Serendipitously, this year, Formula 1 brought the racing team to Malaysia, where Airwallex is aiming to double its headcount. Announced in late July and held in early October, the move gave organisers, sponsors and marketers less time than usual to prepare.

Commenting on the overall partnership, Jon Stona, vice president of global marketing at Airwallex, told A+M that the  partnership has performed beyond expectations.

"When we measure this in our semi-annual surveys, we do dipsticks in our major markets, and we really do see an impact from a brand awareness and familiarity standpoint. We also look specifically at how this partnership is impacting trust and consideration, and we do see material improvement," he said.

Airwallex's response to the sudden inclusion of Malaysia on the F1 calendar was an intimate get-together with local founders, finance leaders and operators to share lessons from its partnership with McLaren. On a short turnaround, it put together the Airwallex Grid event in Putrajaya on 3 October, which was also qualifying day for the Bahrain Grand Prix in Malaysia, roughly 30km away. The event was also attended by Zak Brown, CEO of McLaren Racing, who shared the stage with Stona for a fireside chat.

Don't miss: 'Signing is the easy part': How Airwallex turned sport into a global growth engine

Stona added that the team initially had 10 weeks to plan something special, and once the initial panic dissipated, got to work. Having the race in Malaysia has created plenty of enthusiasm, he said, and gives Airwallex the setting to engage with partners and prospects.

"Malaysia is a promising market for us, and the whole ASEAN region overall. We set up in Malaysia in 2022, and this year alone, we're doubling the headcount," Stona said.

True to the company's growth ambitions, Airwallex has numerous job listings currently, especially in its SME and growth department. This includes an opening for head of SME and growth in Malaysia. 

Stona added, "There's serious investment here. As with many Southeast Asian economies, there's a lot of innate entrepreneurism and an ambition to expand internationally. So we see that opportunity here, and the opportunity for Airwallex to really help streamline operations and payments."

The strategy, Stona said, is to double down by putting local talent on the ground. "That's oftentimes one of the biggest misses of a multinational corporation: they try to take a playbook globally and just force-fit it here. That's not our approach. We try to be globally consistent but very authentic locally. For that, the marketing team in particular has to have folks on the ground and has to understand the local nuance."

According to a brand representative, Airwallex is specifically focusing on SMEs and companies across travel, digital and technology, fashion and ecommerce, where managing international payments and currencies can become increasingly complex. The common thread is businesses looking to sell, spend, collect or expand internationally, and wanting a simpler way to manage their financial operations.

To attract these clients, Airwallex highlights relevant customer stories on its Malaysian site, showing rather than simply telling local businesses how companies like them are using Airwallex. Its blog is also kept updated with localised information and advice.  

That's why an event such as the Airwallex Grid is particularly meaningful. The event saw a full house with turnout from entrepreneurs, CFOs and members of the media and is the main focal point of the brand's marketing surrounding the Sepang race. 

"In an ideal world, the race will come back to the calendar with a little more time," Stona said. "Of course, we have digital running as well, with our IPs. We try to flow the McLaren IP through a lot of our digital work. But in terms of big activations, we want to keep it relatively tight, relatively intimate, and have real conversations. We didn't want to do something flashy and impersonal. Tonight's really about bringing together the community."

That restraint reflects how Airwallex views the McLaren partnership itself: Less about visibility, more about showing what its platform can do. During the interview, as well as on stage during his opening speech, Stona highlighted the similarities of the speed of F1 to what Airwallex does.

"What we're really trying to do is build the future role of finance," Stona said. "The role of a CFO in today's world is fast-changing. They have to grapple with everything from how they operate in countries, how they sell more products, how they think about AI. It's a fast-changing profession. What Airwallex really tries to do is help businesses grapple with all that global complexity and streamline that for them."

"If we're able to work with McLaren and streamline their financial operations, believe it, we can do that for many businesses that are also operating globally," he said. "For us, the partnership was never about a logo on a car or on the driver's seat. It was always about the deep product integration."

Airwallex became an official partner of the McLaren Formula 1 team in February 2024 on a multi-year deal, and the tie-up has since grown into a wider sports sponsorship portfolio. The Melbourne-founded fintech also has global partnerships with Arsenal FC and Major League Baseball's San Francisco Giants, alongside local deals with AFL club Essendon and New Zealand Super Rugby side the Blues.

Related articles:
How McLaren’s past is shaping its new identity
Airwallex gains regulatory nod for full commercial launch in Malaysia
Airwallex picks new SEA marketing director