TerraPay & TPBank boost Vietnam cross-border payments

TerraPay has partnered with TPBank to enable real-time outbound cross-border payments from Vietnam, giving the bank access to payment destinations in more than 156 countries and territories.

TPBank will use its existing Swift connectivity to link to TerraPay's network, allowing it to extend international payout options to bank accounts and digital wallets without building multiple direct relationships with overseas partners.

The agreement comes as digital payments continue to grow rapidly in Vietnam. The country recorded 17.7 billion non-cash transactions in 2024, up 56% from a year earlier, and nearly 18 billion transactions were logged in the first nine months of 2025, exceeding the previous full-year total.

That growth has increased pressure on banks to offer cross-border services that match the speed customers already experience with domestic payments. For lenders in Vietnam, international expansion can be slowed by the cost and complexity of establishing bilateral payment arrangements or investing in additional systems.

Under the partnership, TPBank's customers will continue to access payment services through the bank while gaining a wider range of overseas payout routes. The arrangement is aimed at businesses making international payments, as well as other customers seeking faster transfers abroad.

Cross-border payments have become an important battleground for banks and financial technology groups across Southeast Asia, where rising digital adoption and trade flows are driving demand for quicker, simpler international transactions. Vietnam has been one of the region's fastest-growing digital banking markets, with local lenders investing in mobile services and partnerships to broaden their reach.

London-based TerraPay operates a cross-border payments network that connects banks, wallets and other financial institutions across multiple markets. Its network reaches more than 7.5 billion bank accounts and 3.7 billion wallets worldwide, according to the company.

TPBank, established in 2008, is one of Vietnam's commercial banks and has focused heavily on digital banking services for retail, small business and corporate customers. The lender has positioned international connectivity as part of its broader expansion in transaction banking and digital financial services.

Compliance focus

The collaboration has been notified to the State Bank of Vietnam, the companies said. Inbound and outbound remittance transactions will remain subject to controls linked to Vietnam's foreign exchange rules and anti-money laundering requirements.

Using an existing Swift connection may help TPBank introduce the service without major changes to its current infrastructure. For banks in emerging digital markets, that model can reduce the operational burden of linking to multiple overseas payment providers while still expanding customer access to foreign payment corridors.

Vietnam's rising use of cashless payments has also increased expectations among business customers, especially those paying suppliers, staff or partners abroad. Banks offering broader international coverage through a single service are seeking to meet that demand while keeping the customer relationship within their own channels.

"TPBank has consistently been at the forefront of digital banking innovation in Vietnam. Partnering with TerraPay empowers us to rapidly expand our international payment offerings without the burden of multiple bilateral relationships or heavy technology investment. It's a strategic move that reinforces our commitment to a digital-first banking experience for our customers," said Nguyen Viet Anh, Deputy CEO in charge of Strategy and Banking Governance at TPBank.

TerraPay said the partnership reflects demand from digitally focused banks for international payment access through a single connection rather than a patchwork of one-to-one arrangements.

"Digitally led banks like TPBank are redefining what customers expect from cross-border payments: speed, simplicity and reliability. This partnership gives TPBank a single connection to global reach, so it can scale its international payment offerings quickly without the operational weight of building it alone," said Ani Sane, Co-Founder and Chief Business Officer, TerraPay.