The delivery of transnational higher education by emerging market providers is a relatively newphenomenon. While much has been written about mainly British, U.S. and Australian providersdelivering higher education programs offshore, this paper explores the transnational deliveryof education by two universities from emerging markets: Mexico's Sistema Tecnológico deMonterrey (Tec de Monterrey) and Malaysia's Limkokwing University of Creative Technology.By developing a comprehensive listing of the universities' transnational engagement andmotivations, and comparing them to traditional and contemporary firm internationalisationtheories, the paper is able to highlight some of the key similarities and differences between thetheory and practise in the context of emerging market transnational education providers. Thepaper finds that, despite the unique character of the sector, the patterns of internationalisationof Sistema Tecnológico de Monterrey and Limkokwing University of Creative Technologyare similar to those of firms in other industries. Furthermore, recent theories explaining theinternationalisation of developing country multinationals help to understand the speed atwhich both universities have internationalised and some of the business and non-businessadvantages gained from delivering programs abroad.Keywords: Transnational Education; Internationalisation, Emerging Markets,Internationalisation Theories, Higher Education, Mexico, Malaysia.