Singapore-based payments and financial services platform Airwallex has entered into a definitive agreement to acquire CTIN Pay, a licensed intermediary payment services (IPS) company in Vietnam.
The acquisition further expands Airwallex's existing licensed footprint in key Asia Pacific markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, Mainland China and Japan.
The move further deepens the global reach of Airwallex's financial services infrastructure, assisting Vietnamese merchants in expanding into overseas markets and facilitating the entry of international businesses into the Vietnamese market.
Airwallex has selected Vietnam as a strategic growth market in the region due to the country's strong economic growth and rapid pace of digital transformation.
By expanding its financial services infrastructure in Southeast Asia, Airwallex is supporting Vietnamese businesses to more easily access international markets.
To further develop its business in the region, Airwallex has appointed Ershad Ahamed as Head of South East Asia.
Based in Singapore, Ershad has extensive experience working with high-growth technology companies and has a proven track record of driving business growth and profitability.
Prior to joining Airwallex, Ershad held management positions at Grab, including Commercial Director at GrabFin Indonesia and Regional Director of Payments Acquiring, where he was instrumental in building its payments and lending business.
Ershad has also held leadership positions in business growth, marketing and go-to-market at Rakuten and Procter & Gamble.
Airwallex is expanding its global footprint through strategic acquisitions.
Previously, Airwallex completed the acquisition of MexPago, a Mexican payment services provider that holds an Institution of Electronic Payment Funds license.
Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex has grown rapidly in the Asia-Pacific region in recent years and last week launched its New Zealand operations.
Airwallex's global annual revenue (ARR) has exceeded $600 million and its annual transaction volume has exceeded $130 billion.
