TerraPay, a global money movement company, has partnered with HDBank, a Vietnam-based commercial bank with a retail and SME-focused franchise, to enable real-time outbound international payments from Vietnam to bank accounts and mobile wallets worldwide.
Addressing a growing but constrained market
Vietnam's outward remittance market was valued at approximately USD 275 million in 2025 and is forecast to reach USD 346 million by 2030, according to Statista, representing a compound annual growth rate of 4.69%. This growth reflects increasing outbound payment demand from Vietnamese businesses and individuals engaged in international trade.
Despite this demand, banks operating in the market have relied on traditional correspondent banking arrangements, which typically involve multiple intermediaries, added costs, and limited visibility into payment status. These characteristics have created operational constraints for banks looking to scale cross-border payment services in line with customer demand.
Integration through existing infrastructure
Under the partnership, HDBank customers gain access to TerraPay's payout network, which spans more than 156 countries and territories. The integration is built on HDBank's existing SWIFT connectivity, allowing the bank to extend its international payment capabilities without additional capital expenditure, technology upgrades, or complex system integrations.
Customers will continue to initiate international payments through HDBank using existing processes, while TerraPay handles delivery to overseas bank accounts and digital wallets. This arrangement is intended to reduce the complexity associated with correspondent banking while allowing HDBank to introduce new cross-border payment capabilities without changing the customer experience.
For HDBank's retail and SME customers, the partnership is expected to result in real-time outbound payments, faster delivery to overseas suppliers, partners, and beneficiaries, and a more straightforward international payment process delivered through an established banking relationship.
Company statements
Huynh Trung Minh, Director of Bancassurance and Affiliate Partner Development at HDBank, said the bank continues to invest in digital banking and customer-focused solutions, and that the partnership allows it to offer real-time international payments without requiring changes to its infrastructure or customer processes, describing it as a step supporting Vietnam's expanding trade and business activity.
Ani Sane, Co-Founder and Chief Business Officer, TerraPay, said banks such as HDBank play a central role in how a country transacts internationally, noting that correspondent banking was not designed for current outbound payment demand. The official added that the partnership gives HDBank a direct route to global payment reach through infrastructure it already operates, enabling faster deployment of new capabilities without disruption to existing operations.
Through the collaboration, HDBank aims to strengthen its position in supporting Vietnam's international trade and business ecosystem, while TerraPay continues to expand its role as an infrastructure partner for banks and financial institutions seeking international payment connectivity.
