Airwallex to acquire CTIN Pay in Vietnam
Airwallex, a leading global payments and financial platform for growing businesses, has signed definitive agreements to acquire CTIN Pay, an Intermediary Payment Service (IPS) licensed company in Vietnam. This transaction is subject to satisfaction of the customary closing conditions.
The acquisition expands Airwallex’s existing licences across major Asia-Pacific (APAC) markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan. This move deepens the global reach of Airwallex’s financial infrastructure, aiding Vietnamese merchants in their overseas expansion, and facilitating international businesses to enter the Vietnamese market.
Vietnam’s economy, with its strong growth and rapid digital transformation is well positioned as a strategic growth market for Airwallex in the region. By expanding its financial infrastructure across Southeast Asia, Airwallex is well-positioned to support businesses in Vietnam, enabling them to scale internationally with greater ease.
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Arnold Chan, General Manager, APAC at Airwallex, said, “Airwallex’s entry into Vietnam is a key step in our strategy to build a truly global financial platform. The fast-growing economy and dynamic business landscape in Vietnam offer immense opportunities. By addressing financial challenges in these markets, we empower local businesses to expand beyond borders. We’re particularly excited about our progress and continued expansion in APAC, the region where Airwallex was born.”
To accelerate its expansion across Southeast Asia, Airwallex has appointed Ershad Ahamed as its Head of Southeast Asia. Based in Singapore, Ershad brings extensive experience from high-growth tech companies, with a strong track record of driving both growth and profitability. Most recently, he held senior management roles at Grab as Chief Commercial Officer, GrabFin Indonesia and Regional Head of Payments Acquiring, and was instrumental in building their payments and lending business. He has also held leadership positions in growth, marketing & go-to-market at Rakuten and Procter & Gamble.
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Ershad Ahamed, Head of Southeast Asia at Airwallex, added, “Airwallex’s mission to empower businesses with seamless financial solutions resonates deeply with me. Southeast Asia is a dynamic and diverse market, and I look forward to driving Airwallex’s growth in the region. What excites me most is enabling businesses here to unlock international growth opportunities with confidence by harnessing our robust financial infrastructure.”
Airwallex is strategically acquiring companies to strengthen its global presence and build a robust financial foundation for businesses worldwide. The acquisition in Vietnam follows the completion of Airwallex’s purchase of MexPago, a Mexico-based payment service provider with an Institution of Electronic Payment Funds (IFPE) licence.
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Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex has achieved significant growth across the APAC region in recent years and last week announced its official launch in New Zealand. Globally, Airwallex has exceeded US$600 million in annualised revenue and US$130 billion in annualised transaction volume – a testament to the growing demand for its cross-border payment solutions and global financial infrastructure.
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Source – Intent Market Research
