Singapore-headquartered Airwallex acquires Vietnam’s payment service CTIN Pay
Airwallex, a leading global payment and financial platform for growing businesses, will acquire CTIN Pay, an intermediary payment service (IPS) company licensed in Vietnam.
According to a Wednesday statement of Airwallex, the transaction is subject to some closing conditions. The move expands Airwallex’s existing licences across major Asia-Pacific (APAC) markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan, the firm said without other details.
The logo of CTIN. Photo courtesy of the firm.
The transaction can aid Vietnamese merchants in their overseas expansion and facilitating international businesses to enter the Vietnamese market, according to Airwallex.
Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex is now accelerating its expansion across Southeast Asia. Vietnam’s economy, with its strong growth and rapid digital transformation is well positioned as a strategic growth market, Airwallex highlighted.
CTIN Pay was established by JSC for Telecoms and Informatics (CTIN), a subsidiary of state-owned giant Vietnam Posts and Telecommunications Group (VNPT).
CTIN, listed on the Ho Chi Minh Stock Exchange (HoSE) as ICT, transferred 100% of its contributed capital in CTIN Pay in 2022, without revealing the buyers.
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