FOMO Pay extends its payment solutions with the launch of VND accounts

The new feature enables simplified cross-border collections and payouts in the Vietnamese market and expands FOMO Pay digital payment solutions. As a result, merchants, corporates, and institutions can now send and receive VND through locally established payment channels using their names in Vietnam. This expansion further improves FOMO Pay's ability to enable B2B fund transfers across over 100 countries worldwide. 

With the introduction of these VND accounts, clients can conduct transactions using locally issued virtual accounts in Vietnam. This feature simplifies reconciliation and settlement processes, improving cash flow management for cross-border payments. 

As cross-border commerce grows, FOMO Pay aims to offer one-stop payment solutions that link global industries with local systems, creating new opportunities in Southeast Asia's growing digital economy. 

In other news, FOMO Pay recently launched the United Arab Emirates Dirham (AED) currency, enabling transactions across the MENA region. As the MENA digital economy developed and trade between Asia and the MENA regions expanded, the demand for improved  cross-border payment solutions increased. With the introduction of AED support, FOMO Pay aimed to simplify the payment process for businesses, providing faster and more reliable transaction methods across regions. 

Cross-border payments in Vietnam

In the past few years, Vietnam's cross-border payment market has grown significantly, driven by the rapid rise in cross-border ecommerce and digital payment services. Moreover, according to Amazon Global Selling Vietnam, cross-border e-commerce is expected to increase in Vietnam in the coming years with a value of USD 11 billion. 

As a result, effective cross-border payments have become essential for global trade in Vietnam. Financial institutions, banks, and digital payment providers are expected to work closely together to drive the growth of cross-border payments. Businesses and individuals rely on payment systems to navigate international transactions, expand into new markets, and operate across borders.