Payments platform Airwallex has agreed to acquire CTIN Pay, a licenced Intermediary Payment Service company in Vietnam.
Financial terms of the transaction were not disclosed.
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Headquartered in Singapore, Airwallex said the deal expands its existing authorisations across Asia-Pacific markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan.
It also aims to strengthen Airwallex’s financial framework, enabling Vietnamese merchants to expand globally while also assisting international businesses in establishing a presence in Vietnam.
Airwallex highlighted Vietnam’s “strong” economic growth and “rapid” digital transformation as key factors positioning the country as a growth market in the region.
Airwallex APAC general manager Arnold Chan 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.”
The payment company has hired Ershad Ahamed as the head of Southeast Asia to speed up its expansion in the region.
Operating out of Singapore, Ahamed previously held senior roles at Grab and leadership positions at Rakuten and Procter & Gamble.
Ahamed stated: “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.”
This acquisition is part of Airwallex’s strategy to strengthen its global presence.
It follows Airwallex’s purchase of MexPago, a Mexico-based payment service provider.
Established in Melbourne in 2015, Airwallex recently announced its official launch in New Zealand.
The company claims to have surpassed $600m in annualised revenue and $130bn in annualised transaction volume.
