TerraPay, the London-headquartered payments infrastructure provider, has partnered with Vietnam’s TPBank to give the bank’s customers real-time outbound cross-border payment capabilities to bank accounts and mobile wallets across more than 156 countries and territories. The collaboration, which has been notified to the State Bank of Vietnam under applicable regulations, was announced on 21 July 2026.
The commercial logic is straightforward. TPBank retains its existing SWIFT connectivity but connects to TerraPay’s global network through a single integration, avoiding the time and cost of negotiating individual bilateral correspondent relationships. All inbound and outbound remittance flows remain subject to Vietnam’s foreign exchange controls and anti-money laundering requirements.
Vietnam’s digital payments context
The partnership arrives at a moment of notable momentum in Vietnamese payments infrastructure. The country recorded 17.7 billion non-cash transactions in 2024, a 56% increase year-on-year. By the first nine months of 2025, that figure had already surpassed the full-year 2024 total, reaching close to 18 billion. The pace of domestic digitalisation has raised customer expectations for cross-border payments to match the speed and simplicity of in-country transfers, a gap that banks across Southeast Asia are under growing pressure to close.
Nguyen Viet Anh, deputy CEO in charge of strategy and banking governance at TPBank, said: “Partnering with TerraPay empowers us to rapidly expand our international payment offerings without the burden of multiple bilateral relationships or heavy technology investment. It’s a strategic move that reinforces our commitment to a digital-first banking experience for our customers.”
Competitive and regulatory read-across
TerraPay’s model, a single API connection to a broad multi-rail network covering wallets, bank accounts and cards, sits in a competitive segment that includes Visa Direct, Mastercard Move (formerly Mastercard Send), Thunes, and a range of regional remittance infrastructure players. The differentiation argument is network depth in emerging-market corridors, particularly across Africa, South Asia and Southeast Asia, where correspondent banking gaps are most acute.
For TPBank, the arrangement is also a statement about build-versus-buy strategy. Vietnam’s major state-owned banks have historically developed international payment capabilities through bilateral correspondent networks, a capital-intensive model. Digitally focused private-sector banks such as TPBank are increasingly choosing infrastructure partnerships to compress the time to market for new corridors.
The regulatory notification to the State Bank of Vietnam is worth noting. Vietnam maintains relatively strict foreign exchange controls, and cross-border payment products from commercial banks operate within a supervised framework that requires central bank visibility. TerraPay’s emphasis on compliance infrastructure, the company says it is regulated across multiple markets, will be a relevant credential in that conversation.
Ani Sane, co-Founder and chief business officer at TerraPay, said the partnership gives TPBank “a single connection to global reach, so it can scale its international payment offerings quickly without the operational weight of building it alone.”
The next milestones to watch are the specific corridors TPBank will prioritise at launch, Vietnam has large remittance flows to and from markets including South Korea, Japan, Taiwan and the United States, and whether the wallet-payout capability extends to the domestic Vietnamese e-wallet ecosystem, which is itself substantial and growing.
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