Airwallex, the global payments and financial platform for growing businesses, is set to acquire CTIN Pay, a Vietnam-based Intermediary Payment Service (IPS).
By acquiring CTIN Pay, Airwallex plans to expand its existing licences across Asia-Pacific (APAC) markets, which already include Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan. Through the move, Airwallex will look to aid Vietnamese merchants in their overseas expansion, and facilitate international businesses to enter the Vietnamese market.
Vietnam’s economy, with strong growth and rapid digital transformation, appears well-positioned as a strategic growth market for Airwallex in the region. By expanding its financial infrastructure across Southeast Asia, Airwallex looks to support businesses in Vietnam, enabling them to scale internationally more easily.
“Airwallex’s entry into Vietnam is a key step in our strategy to build a truly global financial platform,” explained Arnold Chan, general manager, APAC, at Airwallex. “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.”
The news comes as Airwallex continues to acquire companies that strengthen its global presence. This 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.
Accelerating Asian expansion
To enhance its expansion efforts in Southeast Asia, Airwallex has also appointed Ershad Ahamed as its head of Southeast Asia. Based in Singapore, Ershad brings extensive experience from high-growth tech companies. Ahamed recently held senior management roles at Grab as a chief commercial officer, GrabFin Indonesia and regional head of Payments Acquiring. He has also held leadership positions in growth, marketing and go-to-market at Rakuten and Procter & Gamble.
Ershad Ahamed, head of Southeast Asia at Airwallex
Ahamed also 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.”
Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex has already enjoyed significant growth across the APAC region and announced its official launch in New Zealand. Globally, Airwallex has exceeded $600million in annualised revenue and $130billion in annualised transaction volume – a testament to the growing demand for its cross-border payment solutions and global financial infrastructure.
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