Airwallex acquires CTIN Pay, expands into Vietnam market

Airwallex has entered into definitive agreements to acquire CTIN Pay, a licensed Intermediary Payment Service provider based in Vietnam, marking a significant expansion of its operations in Southeast Asia.

This acquisition extends Airwallex's footprint across the Asia-Pacific region, adding Vietnam to its growing list of markets which already includes Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan. The deal is still subject to customary closing conditions before finalisation.

The acquisition is designed to leverage Vietnam's rapid digital transformation and strong economic growth, providing Airwallex with a strategic opportunity to enhance its financial infrastructure. This will support Vietnamese merchants in their international expansion and assist foreign businesses entering the Vietnamese market.

"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," said Arnold Chan, General Manager, APAC at Airwallex.

To further its efforts in Southeast Asia, Airwallex has appointed Ershad Ahamed as Head of Southeast Asia, who will be based in Singapore. He brings experience from senior roles in notable companies such as Grab, Rakuten, and Procter & Gamble. At Grab, Ahamed served as Chief Commercial Officer, GrabFin Indonesia and Regional Head of Payments Acquiring.

"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," remarked Ershad Ahamed.

Airwallex has been strategically acquiring companies to reinforce its global presence, recently completing the acquisition of MexPago, a Mexico-based payment service provider with an Institution of Electronic Payment Funds licence. These acquisitions are part of Airwallex's strategy to establish a comprehensive financial foundation for businesses worldwide.

Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex has rapidly expanded across the APAC region, achieving significant financial milestones. The company recently announced its official launch in New Zealand, contributing to its global growth trajectory which includes exceeding USD $600 million in annualised revenue and USD $130 billion in annualised transaction volume. This demonstrates a growing demand for their cross-border payment solutions and global financial services.