Airwallex Seals Deal To Acquire Vietnamese Payment Company

KUALA LUMPUR, March 6 (Bernama) -- Airwallex, a global payments and financial platform for growing businesses, has signed definitive agreements to acquire CTIN Pay, an Intermediary Payment Service (IPS) licensed company in Vietnam.

According to Airwallex in a statement, the acquisition expands its existing licences across major Asia-Pacific (APAC) markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan.

“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 are particularly excited about our progress and continued expansion in APAC, the region where Airwallex was born,” said its General Manager, APAC, Arnold Chan.

This move deepens the global reach of Airwallex’s financial infrastructure, aiding Vietnamese merchants in their overseas expansion and facilitating international businesses to enter the Vietnamese market.

To further accelerate its expansion across Southeast Asia, Airwallex has appointed Ershad Ahamed as its Head of Southeast Asia, who brings extensive experience from high-growth tech companies, with a strong track record of driving both growth and profitability.

Most recently, he held senior management roles at Grab as Chief Commercial Officer, GrabFin Indonesia, and Regional Head of Payments Acquiring, and was instrumental in building their payments and lending business.

The 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, in which the company strategically acquires companies to strengthen its global presence.

Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex has achieved significant growth across the APAC region in recent years and officially launched in New Zealand last week.

-- BERNAMA