HDBank & TerraPay launch real-time Vietnam payments

TerraPay has partnered with HDBank to offer real-time outbound international payments from Vietnam. The service will support transfers to bank accounts and mobile wallets in more than 156 countries and territories.

Under the arrangement, HDBank customers will be able to send money overseas through the bank's existing channels, while TerraPay handles delivery through its cross-border payments network. The setup uses HDBank's current Swift connectivity, so the bank does not need a major systems overhaul to launch the service.

The move comes as demand for outbound remittances and business payments from Vietnam continues to grow. Research cited by the companies valued Vietnam's outward remittance market at about USD $275 million in 2025 and projected it would reach USD $346 million by 2030.

That growth has increased pressure on banks that still rely on correspondent banking arrangements for international transfers. Those models often involve several intermediaries, raising costs and limiting visibility into payment status for both banks and customers.

For HDBank, the partnership targets retail and small-business customers that need to pay overseas suppliers, partners, and other beneficiaries. Customers will continue to initiate payments through familiar banking processes rather than a separate platform.

Market demand

Vietnam's banking sector has seen rising demand for cross-border services as trade links deepen and more small businesses transact internationally. Outbound payments are especially important for importers, service firms, and households sending money abroad, but banks have often faced delays and higher handling costs when routing these transfers through conventional international banking networks.

TerraPay's network gives HDBank access to payout coverage across bank accounts and mobile wallets worldwide. The company operates in multiple markets and works with banks, digital wallets, and other financial groups on international money movement.

HDBank is an established commercial bank in Vietnam, with operations spanning retail banking, corporate banking, digital banking, and consumer finance. It has built a sizeable presence among individual customers and small and medium-sized enterprises, making outbound international transfers relevant across much of its client base.

HDBank's Director of Bancassurance and Affiliate Partner Development said the agreement aligns with a broader push to expand digital services without disrupting existing customer processes.

"Known for its strong retail banking franchise and growing SME business, HDBank continues to invest in digital banking and innovative customer solutions. Partnering with TerraPay empowers us to bring real-time international payments to our customers without asking them, or our infrastructure, to change. It's a strategic step forward in supporting Vietnam's expanding trade and business ecosystem," said Huynh Trung Minh, Director of Bancassurance and Affiliate Partner Development, HDBank.

Payments network

International payments have become a competitive focus for banks in Southeast Asia as customers increasingly expect faster settlement and clearer tracking. Mobile wallet delivery has also become more important in some receiving markets, particularly where wallet use is widespread, and bank account ownership is lower.

By connecting to TerraPay's network, HDBank can route payments beyond standard bank-account corridors and into digital wallets where available. That expands the range of destinations for customers making smaller retail transfers as well as business-related payments.

For TerraPay, the agreement adds another bank partner in Asia as it expands its network with financial institutions seeking alternatives to slower correspondent banking routes. The partnership gives HDBank a way to extend its international reach through infrastructure it already uses.

"Banks like HDBank sit at the heart of how a country transacts with the world, and correspondent banking was never built for the speed today's outbound payment demand requires. This partnership gives HDBank a direct route to global reach through infrastructure they already trust, so they can bring new capabilities to market faster and without disruption," said Ani Sane, Co-Founder and Chief Business Officer, TerraPay.