Airwallex, a global financial platform, is set to acquire CTIN Pay, an intermediary payment service licensed company in Vietnam, subject to customary closing conditions.
This acquisition will expand Airwallex’s existing licenses across Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan, deepening its reach in the region.
The move aims to facilitate both the expansion of Vietnamese businesses into international markets and the entry of international businesses into Vietnam.
The acquisition comes as Vietnam experiences rapid digital transformation and economic growth, making it a strategic market for Airwallex.
To lead its Southeast Asia expansion, Airwallex has appointed Ershad Ahamed as Head of Southeast Asia, based in Singapore.
Ahamed previously held senior management roles at Grab as Chief Commercial Officer for GrabFin Indonesia and Regional Head of Payments Acquiring.
He also held leadership positions at Rakuten and Procter & Gamble.
The purchase of CTIN Pay is part of Airwallex’s broader acquisition strategy to strengthen its global financial infrastructure, following its recent acquisition of MexPago in Mexico.
Founded in Melbourne and now headquartered in Singapore, Airwallex has seen significant growth in the APAC region, recently launching in New Zealand.
The company reports exceeding US$600 million in annualised revenue and US$130 billion in annualised transaction volume.
Ershad Ahamed, Head of Southeast Asia at Airwallex, said,
“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.”
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.”
Featured image credit: Edited from Freepik
