Thunes has partnered with Vietnam-based fintech FinFan to contribute to the country’s cross-border remittance landscape.
The companies signed an MoU to address difficulties in international remittances, such as high transaction fees and processing delays. Leveraging FinFan’s digital finance ecosystem and regulatory compliance expertise in Vietnam, in conjunction with Thunes’ Direct Global Network, the partnership aims to provide more accessible and transparent digital payouts for users. Thunes’ network allows for real-time cross-border payments to 130 countries in 80 currencies.
Optimising remittance processes in Vietnam
The two companies have four goals, including simplifying international remittance processes, reducing transaction costs for both businesses and individuals, enhancing Vietnam’s presence in the regional digital finance landscape, and transforming cross-border payments.
The alliance delivers a reliable, connected, and inclusive network that improves trade efficiency and cash flow while strengthening the country’s position in the global economy. Thune and FinFan are further seeking collaborations with partners seeking to modernise cross-border remittance frameworks.
Thunes believes that Vietnam is a rapidly growing market and hopes that this collaboration will increase its financial connectivity with Asia and the rest of the world. The company’s goal is to connect billions of users to a truly inclusive global payments network.
FinFan shares this vision, saying that the alliance marks a milestone in its mission to improve speed, security, and cost effectiveness for cross-border transactions in Asia. Thunes’ global infrastructure and expertise in payments support FinFan to scale its international remittance solutions with speed and reach.
The initiative comes as Thunes gains approval to scale the scope of its MPI licence in Singapore. This will allow the company to better position itself in the country’s fintech landscape, scaling its global offering in Singapore. Thunes is still subject to receiving the licence variation, and once it does, it will be able to offer merchants access to a wider range of payment solutions and the ability to accept customers outside of Singapore.
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