Tencent-backed payments and financial services platform Airwallex has signed definitive agreements to buy the Vietnamese payment services company CTIN Pay, while Singapore-based venture capital firm True Global Ventures (TGV) has led a $10 million investment in US-based, AI-driven insurtech platform COVU.
Tencent-backed Airwallex buys Vietnam’s CTIN Pay
Tencent-backed payments and financial services platform Airwallex has signed definitive agreements to buy CTIN Pay, an Intermediary Payment Service (IPS) licensed company in Vietnam. The transaction value was undisclosed and is subject to satisfaction of the customary closing conditions.
The acquisition expands Airwallex’s existing licences across major APAC markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan.
This move deepens the global reach of Airwallex’s financial infrastructure, aiding Vietnamese merchants in their overseas expansion and facilitating international businesses to enter Vietnam.
To accelerate its expansion across Southeast Asia, Airwallex has appointed Ershad Ahamed as its Head of Southeast Asia. Ahamed will be based in Singapore. Most recently, he held senior management roles at Grab as Chief Commercial Officer. He has also held leadership positions in growth, marketing and go-to-market at Rakuten and Procter & Gamble.
Founded in Melbourne in 2015 and now headquartered in Singapore, Airwallex has achieved significant growth across the APAC region in recent years and this week announced its official launch in New Zealand. Globally, Airwallex has exceeded $600 million in annualised revenue and $130 billion in annualised transaction volume.
CTIN Pay, established in 2016, is the sole subsidiary of the Joint Stock Company for Telecoms and Informatics (ICT), with 100% of its charter capital owned by ICT.
ICT, founded in 2001, originally began as the Information Equipment Repair Enterprise I under the General Department of Post and Telecommunications. The company operates within the telecommunications and information technology sectors.
In October 2020, the State Bank of Vietnam (SBV) issued an IPS licence to CTIN Pay.
Singaporean VC firm TGV leads $10m investment in COVU
Singapore-based VC firm True Global Ventures (TGV) has led a $10 million investment in US-based, AI-driven platform COVU, which aims to revolutionise insurance. Existing investor Benhamou Global Ventures also participated in the financing.
The investment from TGV will help COVU scale its AI capabilities, expand its market presence, and accelerate growth in the US. COVU leverages AI to automate routine tasks, offering proactive risk assessments. It helps agents focus on customer relationships while improving operational efficiency.
“We see AI as a powerful enabler for financial and insurance professionals rather than a threat to their roles,” said Dušan Stojanović, General Partner at TGV. “COVU is transforming the insurance industry by allowing agents to harness AI-driven insights, automate administrative work, and provide personalised services.”
