Airwallex boosts Asia-Pacific expansion with acquisition of Vietnam’s CTIN Pay
Cross-border payments platform Airwallex has inked a definitive agreement to acquire CTIN Pay in Vietnam for an undisclosed sum.
Airwallex signs deal to acquire Vietnam’s CTIN Pay
Established in 2016, CTIN Pay operates as a subsidiary of Post Telecommunications and Informatics Joint Stock Company and secured a licence from the State Bank of Vietnam to provide intermediary payment services in October 2020.
Founded in Melbourne, Australia, but now operating out of Singapore, Airwallex says the acquisition of CTIN Pay and its Vietnamese licence “deepens the global reach” of its financial infrastructure offering, “aiding Vietnamese merchants in their overseas expansion, and facilitating international businesses to enter the Vietnamese market”.
Aside from its new acquisition in Vietnam, Airwallex’s list of existing licences in the Asia-Pacific region also includes Singapore, Hong Kong, Malaysia, China, Japan, New Zealand, and Australia, where it secured a Financial Services licence in July last year.
The company’s platform currently supports over 150,000 businesses globally with payment, spend management, and treasury services, generating $600 million in annualised revenue and $130 billion in annualised transaction volume.
To guide the next steps of its regional expansion, the company has hired Ershad Ahamed as head of Southeast Asia. Ahamed joins directly from ride-hailing company Grab where, during a nine-year tenure, he has held a variety of management roles including chief commercial officer, and most recently, regional head of payments acquiring.
This latest deal follows on from Airwallex’s previous purchase of Mexico-based payment service provider MexPago in October 2023, through which it picked up an Institution of Electronic Payment Funds (IFPE) licence.
