Airwallex to acquire CTIN Pay in Vietnam

HANOI: 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.

The transaction is subject to the customary closing conditions.

The acquisition expands Airwallex’s existing licenses across major Asia-Pacific (APAC) markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan. This move strengthens the global reach of Airwallex’s financial infrastructure, aiding Vietnamese merchants in their overseas expansion, and facilitating international businesses to enter the Vietnamese market.

Arnold Chan, General Manager of APAC at Airwallex, remarked, “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.”

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 aims to support businesses in Vietnam, enabling them to scale internationally with greater ease.

To accelerate its expansion across Southeast Asia, Airwallex has appointed Ershad Ahamed as its Head of Southeast Asia. Based in Singapore, Ahamed brings extensive experience from high-growth tech companies, with a strong track record of driving both growth and profitability. He previously held senior management roles at Grab and has also held leadership positions at Rakuten and Procter & Gamble.

Ershad Ahamed expressed his enthusiasm, stating, “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) license.

Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex has achieved significant growth across the APAC region in recent years. Last week, the company announced its official launch in New Zealand. Globally, Airwallex has exceeded US$600 million in annualized revenue and US$130 billion in annualized transaction volume, underscoring the growing demand for its cross-border payment solutions and global financial infrastructure.

Airwallex is a global payments and financial platform that offers comprehensive solutions to empower businesses in their international expansion efforts. Founded in Melbourne in 2015, the company has rapidly grown to become a leading provider of cross-border payment solutions with a presence in multiple APAC markets.