9Pay has announced that it has opened a green corridor for US fintech companies via Stablecoin-to-QR Payments in Vietnam IFC Sandbox.
Following this announcement, as one of the first ten participants in the Vietnam IFC sandbox, 9Pay is currently authorised to pilot blockchain and stablecoin-enabled payment use cases within Vietnam's regulated payment infrastructure.
Furthermore, through the use of its Stablecoin-to-QR Payment Gateway, US customers and users will be given the possibility to pay by scanning local QR codes with their existing e-wallets or stablecoin applications, without friction or currency conversion complexity.
Powering compliant cross-border scaling for customers and partners in Vietnam
According to the official press release, Vietnam is accelerating its Digital Government agenda through the strategy of piloting optimised payment infrastructure through a regulatory sandbox under the Vietnam International Financial Centers (IFC) in Danang and Ho Chi Minh City. At the same time, the IFC framework was developed in order to enable licensed domestic and foreign firms to deploy compliant digital payment solutions, including stablecoin-based payments.
With this in mind, this model is set to unlock a scalable B2B2C opportunity for the US fintechs and global PSPs that are seeking compliant market entry into Vietnam. Furthermore, stablecoins are expected to help eliminate intermediary layers, reduce FX and processing costs typically ranging from 3 - 5%, as well as improve cash flow efficiency for merchants and businesses that are serving international customers.
9Pay was developed in order to operate under a full Intermediary Payment Services License (No. 60/GP-NHNN) and a license for direct foreign currency receipt and payment issued by the State Bank of Vietnam. Furthermore, it will also focus on enabling international merchants and fintech partners to access the overall Vietnamese market without the need for establishing a local legal entity. Through the process of combining regulatory alignment, local QR dominance, and stablecoin rails within the IFC sandbox, 9Pay aims to be a secure gateway for US companies to scale payments across tourism, cross-border commerce, remittances, as well as future digital finance use cases, while reinforcing Vietnam's strategy to develop as a digital finance hub and a key entry point into Southeast Asia as well.
