Airwallex, a global payments and financial platform for growing businesses, has signed an agreement to acquire CTIN Pay, a licensed payment service provider in Vietnam. This acquisition is still subject to the usual closing conditions, but once completed, it will mark a major step in Airwallex’s expansion across Southeast Asia.
CTIN Pay holds an Intermediary Payment Service (IPS) licence in Vietnam, which will allow Airwallex to strengthen its financial infrastructure in the country. This acquisition will not only benefit Vietnamese businesses looking to expand overseas but will also support international businesses keen to enter the Vietnamese market.
With this move, Airwallex will expand its existing licences in the Asia-Pacific (APAC) region, adding Vietnam to its growing list of markets, which already includes Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan.
Vietnam’s rapid digital growth makes it a key focus
Vietnam has emerged as one of the fastest-growing economies in Southeast Asia, with a rapidly transforming digital landscape. These factors make it a vital market for Airwallex as the company strengthens its financial network in the region.
Airwallex sees Vietnam as a natural fit for its expansion, given the increasing demand for seamless cross-border payment solutions in the country. By enhancing its financial infrastructure across Southeast Asia, Airwallex aims to help Vietnamese businesses scale internationally more efficiently. At the same time, foreign businesses looking to establish themselves in Vietnam will benefit from a smoother entry process.
Arnold Chan, Airwallex’s General Manager for APAC, explained the importance of this step. He 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.”
New leadership to drive Southeast Asia growth
To support its broader growth plan in Southeast Asia, Airwallex has appointed Ershad Ahamed as its Head of Southeast Asia. Based in Singapore, Ershad brings extensive experience in leading growth and profitability efforts at major tech companies. Before joining Airwallex, he held senior roles at Grab, including Chief Commercial Officer at GrabFin Indonesia and Regional Head of Payments Acquiring. During his time at Grab, he played a crucial role in expanding the company’s payments and lending businesses.
His experience also includes leadership roles in marketing, growth, and go-to-market strategies at Rakuten and Procter & Gamble. With this background, Ershad is well-positioned to lead Airwallex’s efforts to capture new opportunities across Southeast Asia.
Speaking about his new role, Ershad said, “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.”
Airwallex’s global expansion continues
The acquisition of CTIN Pay is part of Airwallex’s wider strategy to strengthen its global financial infrastructure. This deal follows Airwallex’s recent purchase of MexPago, a payment service provider in Mexico, which holds an Institution of Electronic Payment Funds (IFPE) licence. These acquisitions allow Airwallex to build a stronger presence in key international markets, helping businesses manage cross-border transactions more smoothly.
Founded in Melbourne in 2015, Airwallex is now headquartered in Singapore. Over the past few years, the company has seen rapid growth, particularly across the APAC region. Just last week, Airwallex also announced its official launch in New Zealand.
Globally, Airwallex’s financial performance highlights the rising demand for its services. The company has surpassed US$600 million in annualised revenue and processed over US$130 billion in transactions. This growing demand for seamless cross-border payment solutions underlines Airwallex’s vital role in enabling businesses to expand across borders with ease.
