Telecom Providers to Launch Digital Banking Services Following New Global Partnership
Amsterdam, Tuesday 17 March 2026
By integrating Airwallex’s infrastructure, Circles enables telecom operators across 70 countries to launch digital banking, offering a lucrative new revenue stream for traditional network providers.
The Rise of Embedded Finance in Telecommunications
On 15 March 2026, the software-as-a-service provider Circles announced a strategic global partnership with the financial technology firm Airwallex [1]. By integrating Airwallex’s embedded finance solutions into its CirclesX platform, Circles is empowering telecommunication operators across more than 70 countries to deploy digital banking solutions without the burden of building complex infrastructure from scratch [1]. The underlying architecture leverages Airwallex’s extensive regulatory footprint, which includes over 80 global licences and permits, alongside a strategic partnership with Visa [1].
Legacy Networks Transition to Digital Powerhouses
This pivot towards embedded finance is part of a broader, industry-wide transformation as legacy telecommunication companies evolve into diversified digital service providers. A prime example is the Belgian operator Proximus, which has transitioned starkly from its historical roots—having only ceased its 150-year-old telegram service in 2017 [2]. Today, the company is managing an explosion in data consumption; by 2025, average mobile data usage exceeded 10 gigabytes per month, a figure that has tripled over the preceding three years [2]. To support this digital economy, operators are aggressively upgrading their physical infrastructure.
Artificial Intelligence and Cybersecurity at the Core
Beyond physical networks, scalable software and artificial intelligence are becoming central to operator strategies. In 2025, Proximus reported having over 70 artificial intelligence projects actively underway [2]. This includes the deployment of an AI-based digital assistant designed to handle routine customer inquiries directly and continuously [2]. The digitalisation of these legacy operations requires robust security frameworks, an area where telecommunications firms are increasingly acting as primary vendors.
Diversification into Digital Health and Global Connectivity
The scalability of cloud platforms has also allowed operators to penetrate the digital health sector. Proximus’s video consultation service, Doktr, illustrates the successful digitalisation of legacy healthcare models. By the end of 2025, the platform had registered over 152,000 users and achieved a 98% patient satisfaction rate, prompting the insurance provider AG to become a strategic shareholder in the venture [2]. This diversification strategy is mirrored in their global operations; Proximus Global now connects more than 5 billion people and devices across over 180 countries, securing upwards of 180 billion transactions annually and carrying about 50% of the world’s data roaming traffic [2].