Singapore – Airwallex, a global payments and financial platform, has recently announced a definitive agreement to acquire CTIN Pay, a licensed intermediary payment service provider in Vietnam. This deal, according to the company, is also subject to satisfaction of the customary closing conditions.
With the acquisition, the company aims to expand its regulatory presence across key APAC markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan.
Said expansion is further designed to enhance financial infrastructure, supporting Vietnamese businesses in global expansion and facilitating the entry of international companies into Vietnam.
Alongside this effort, Airwallex has also introduced Ershad Ahamed as its new head of Southeast Asia. Ershad boasts extensive experience from high-growth tech companies, with a strong track record of driving both growth and profitability.
Prior to joining Airwallex, Ershad held key leadership roles at Grab as chief commercial officer of GrabFin Indonesia and regional head of payments acquiring, where he was instrumental in expanding the company’s payments and lending operations.
He also brings leadership experience from Rakuten and Procter & Gamble, focusing on growth, marketing, and go-to-market strategies.
Arnold Chan, general manager, APAC at Airwallex, commented, “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,” explained Chan.
Ershad also 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,” he concluded.
Vietnam’s economy, with its strong growth and rapid digital transformation, is well positioned as a strategic growth market for Airwallex in the region.
By expanding its financial infrastructure across Southeast Asia, Airwallex is poised to support businesses in Vietnam, allowing them to easily expand on a global scale.
This acquisition was built upon the completion of Airwallex’s purchase of MexPago, a Mexico-based payment service provider with an Institution of Electronic Payment Funds licence.
