Singapore-based global payments and financial platform Airwallex has signed definitive agreements to acquire CTIN Pay, an intermediary payment service ( IPS ) licensed company in Vietnam, as part of its Asia-Pacific expansion.

The acquisition expands the IPS company’s existing licences across major Asia-Pacific markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China and Japan.

This move deepens the global reach of the company’s financial infrastructure, it says, aiding Vietnamese merchants in their overseas expansion and facilitating international businesses to enter the Vietnamese market. 

Vietnam’s economy, with its strong growth and rapid digital transformation, the company notes, is well positioned as a strategic growth market for it in the region. By expanding its financial infrastructure across Southeast Asia, the company, it argues, is well-positioned to support businesses in Vietnam, enabling them to scale internationally with greater ease.

“Airwallex’s entry into Vietnam is a key step in our strategy to build a truly global financial platform,” says Arnold Chan, the company’s general manager for Asia-Pacific. “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.”

To accelerate its expansion across Southeast Asia, Airwallex has appointed Ershad Ahamed as its head of Southeast Asia. Based in Singapore, Ahamed, the company notes, brings extensive experience from high-growth tech companies and has a strong track record of driving growth and profitability.

Most recently, Ahamed held senior management roles at Grab – among them, chief commercial officer of GrabFin Indonesia and regional head of payments acquiring – where he was instrumental in building its payments and lending business. He has also held leadership positions in growth, marketing and go-to-market at Rakuten and Procter & Gamble.