Global payments firm Airwallex has signed a definitive agreement to acquire CTIN Pay, a Vietnamese Intermediary Payment Service (IPS) provider, as it expands its presence in Southeast Asia.
The deal, subject to customary closing conditions, will strengthen Airwallex’s financial infrastructure in the region, supporting Vietnamese merchants in overseas expansion while enabling international businesses to enter Vietnam. The company did not disclose financial details of the acquisition.
The move adds to Airwallex’s existing licenses across major Asia-Pacific markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan, the company said in a statement.
“Vietnam’s fast-growing economy and dynamic business landscape offer immense opportunities,” said Arnold Chan, general manager for APAC at Airwallex. “By addressing financial challenges in these markets, we empower local businesses to expand beyond borders.”
The company also appointed Ershad Ahamed as its new head of Southeast Asia. Based in Singapore, Ahamed previously held leadership roles at Grab, Rakuten, and Procter & Gamble, focusing on payments and financial services.
Airwallex, founded in Melbourne in 2015 and now headquartered in Singapore, has been expanding its global footprint through acquisitions. The CTIN Pay deal follows its purchase of Mexico-based MexPago, an electronic payment service provider.
Airwallex, which recently launched operations in New Zealand, has surpassed $600 million in annualized revenue and $130 billion in annualized transaction volume, reflecting growing demand for its cross-border payment solutions.
Business News Asia