TerraPay, a global money movement company, has partnered with TPBank, a Vietnam-based digital bank, to offer customers real-time outbound cross-border payment capabilities to destinations worldwide.
Growing demand for cross-border payments in Vietnam
Vietnam recorded 17.7 billion non-cash transactions in 2024, an increase of 56% year-on-year, and by the first nine months of 2025, that figure had already reached nearly 18 billion, surpassing the full-year 2024 total. As digital and cashless banking continues to grow in Vietnam, customers increasingly expect a similar level of speed and simplicity in cross-border payments as they experience with domestic transactions. According to the companies, expanding international payment offerings has traditionally required banks to establish multiple bilateral relationships or make significant technology investments.
How the partnership works
Through the partnership, TPBank will use its existing Swift connectivity alongside access to TerraPay's payment network, which connects customers to bank account and wallet destinations across more than 156 countries and territories. The model is designed to allow TPBank to expand its international payment offerings without establishing multiple bilateral banking relationships or making substantial technology investments. Customers will continue banking with TPBank as before, while gaining access to a broader range of international payout options.
Company commentary
A company official at TPBank said the bank has consistently positioned itself at the forefront of digital banking innovation in Vietnam, describing the partnership with TerraPay as a way to expand international payment offerings without the operational burden of multiple bilateral relationships or heavy technology investment.
A company official at TerraPay said digitally focused banks such as TPBank are shaping customer expectations around speed, simplicity, and reliability in cross-border payments, adding that the partnership gives TPBank a single connection to global payment reach, allowing it to scale its international offering without building the infrastructure independently.
Regulatory compliance
The collaboration has been notified to the State Bank of Vietnam in line with applicable regulations. All inbound and outbound remittance transactions conducted under the partnership are subject to controls intended to ensure compliance with Vietnam's foreign exchange regulations and anti-money laundering requirements.
Broader implications
The partnership reflects a wider trend of banks in Southeast Asia partnering with global payment infrastructure providers to expand cross-border payment capabilities without building bilateral banking relationships individually. As digital banking adoption continues to grow in Vietnam, partnerships of this kind may support broader access to international payment services for both individual and business customers across the region.
