Vietnam Maritime Commercial Joint Stock Bank (HoSE: MSB) has signed a strategic cooperation agreement with TerraPay, a global money movement company.
This collaboration will bring digital payment solutions and data capabilities “to help MSB enhance efficiency and offer the best payment service experience to customers by bringing down costs and reducing transaction times.”
According to forecasts from the Bank of England, the cross-border payment market is expected to grow “by over USD 100 trillion in the next decade, reaching over USD 250 trillion by 2027.”
Along with the pace of digitization, the demand “for real-time global payments is becoming increasingly urgent.”
However, unlike domestic transfers, international money transfers “continue to be complex, time-consuming, and costly, even today.”
In response to this reality, the new partnership “between MSB and TerraPay aims to break down these barriers, enabling the use of financial services more quickly, conveniently, and reliably.”
According to the cooperation agreement, MSB and TerraPay will “provide payment solutions, payment infrastructure, and other products and services to partners and (or) customers; simultaneously introducing each other’s products and services to the partner’s customers who have a need for them.”
Both companies will focus on “supporting small and medium-sized enterprises (SMEs) with global money transfer needs.”
Through this partnership, SMEs will benefit “from quick, convenient, and cost-effective global payout solutions.”
Mr. Nguyễn Thế Minh, Deputy General Director of MSB, believes that:
“The cooperation between the two parties will bring numerous benefits and economic efficiencies for Vietnamese businesses in both domestic and international payments.”
Along with efforts in digital transformation, MSB continues to “build and seek appropriate financial solutions through reputable partners to bring superior value and experience to customers.”
Established in 1991, MSB has continually grown, “achieving many important milestones in the financial banking industry over nearly 33 years.”
MSB currently has over 260 branches and transaction offices “nationwide, and it transacts with over 500 correspondent banks in more than 60 countries and territories.”
MSB has over 6,000 staff, serving more “than 5.4 million individual customers and nearly 100,000 corporate customers.”
TerraPay simplifies the movement of money everywhere – “providing a single connection to the most expansive cross-border payments network regulated in 30+ global markets and enabling payments to 140+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.4Bn+ mobile wallets.”
TerraPay is on a mission to connect “a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant.”
TerraPay has built the global digital wallet interoperable network and “pushes the boundaries for global businesses – ranging from digital wallets, banks, fintech and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets.”
Founded in 2014, TerraPay is a global company “headquartered in London and comprising 42 nationalities.”
