HÀ NỘI — To expand its operations in the Asia-Pacific region, particularly in the Vietnamese market, global payments and financial services company Airwallex has decided to acquire CTIN Pay.

CTIN Pay is a payment intermediary owned by the Joint Stock Company for Telecoms and Informatics. However, as of 2021, CTIN Pay had yet to generate revenue from its core business activities. In the fourth quarter of 2022, the company decided to sell its entire ownership stake in CTIN Pay through a public auction.

The acquisition of CTIN Pay is part of Airwallex’s selective acquisition strategy to strengthen its global position, especially in Asia. The move expands Airwallex’s existing licences across major Asia-Pacific (APAC) markets, including Australia, Singapore, Hong Kong (China), Malaysia, New Zealand, mainland China and Japan. 

The company had also completed the acquisition of MexPago, a payment service provider in Mexico with an Electronic Payment Fund Institution (IFPE) licence.

Airwallex has identified Việt Nam as one of its strategic markets, thanks to its dynamic economy and rapid digital transformation. 

Arnold Chan, General Manager for APAC at Airwallex, said the company is committed to supporting local businesses in expanding internationally while facilitating global enterprises to enter the Vietnamese market.

To accelerate its expansion strategy in Southeast Asia, Airwallex has appointed Ershad Ahamed as its region's head. 

Ershad Ahamed stated that Southeast Asia is a vibrant market, and he looks forward to Airwallex’s contributions to the region’s development. Airwallex is also strategically acquiring companies to strengthen its global presence.

Founded in Melbourne, Australia in 2015 and headquartered in Singapore, Airwallex has experienced significant growth in recent years. The company now generates over US$600 million in annual revenue and processes up to $130 billion in transactions per year. — BIZHUB