TerraPay has partnered with MBV to offer real-time outbound payments to bank accounts and digital wallets worldwide.
The agreement gives MBV access to TerraPay's payout network without requiring changes to its existing infrastructure.
According to the State Bank of Vietnam, 87% of Vietnamese adults now hold a bank account, and many credit institutions process over 90% of their transactions through digital channels. This level of digital adoption has increased demand for banking services that extend beyond domestic transactions, including cross-border payment options.
At the same time, banks seeking to offer international payment services often face a choice between significant technology investment and reworking existing systems. The partnership with TerraPay allows MBV to address this by connecting to TerraPay's infrastructure through its current Swift setup, rather than building new payment rails.
Partnership structure and capabilities
Through a single connection with TerraPay, MBV gains access to a payout network covering more than 156 countries and territories. Customers will continue to initiate payments through MBV's existing channels, while transactions are routed through TerraPay's infrastructure for delivery to international bank accounts and digital wallets. Furthermore, TerraPay has stated that this approach reduces MBV's reliance on correspondent banking chains for cross-border transactions.
For MBV's customers, the partnership is expected to result in faster outbound international payments, with payout options covering both bank accounts and digital wallets in destination markets.
Le Xuan Vu, CEO of MBV, said the partnership allows the bank to roll out real-time international payments without major technology investment, describing it as part of the bank's broader plan to expand its international payment offering. Moreover, Ani Sane, Co-Founder and Chief Business Officer at TerraPay, said the partnership provides MBV with a single connection to international payment infrastructure, allowing the bank to introduce new payment capabilities to customers without disruption to existing services.
The partnership reflects a broader pattern among financial institutions in emerging digital banking markets, where cross-border payment infrastructure is increasingly sourced through partnerships with specialised payment companies rather than built in-house. For TerraPay, the agreement adds to its network of bank partnerships in Asia, extending its role as an infrastructure provider for financial institutions seeking international payment connectivity through existing banking rails, such as Swift, rather than parallel systems.
