HDBank partners TerraPay for real-time cross-border payments

By Milan Rojan

HDBank has signed a memorandum of understanding (MoU) with global payments infrastructure provider TerraPay to expand its international remittance and cross-border payments services, strengthening access to real-time money transfers for retail and business customers.

The partnership has enabled HDBank to introduce remittance payout services in Vietnam through TerraPay, including cash collection, bank transfers and home delivery. It has also laid the foundation for real-time outbound international payments from Vietnam with competitive pricing.

The initial rollout has covered key remittance and trade corridors, including Japan, South Korea, Singapore, China, Hong Kong, Australia, India, Europe and the US. The initiative has formed part of HDBank’s strategy to expand its international financial services and increase its share of the remittance market.

Under the agreement, TerraPay has provided HDBank with access to its global cross-border payments network, which spans more than 210 sending countries, over 140 receiving markets, 7.5 billion bank accounts and 2.4 billion mobile wallets. The collaboration was designed to improve the speed and accessibility of international money transfers while allowing customers to continue using HDBank’s existing banking channels.

An HDBank representative said: “The partnership marks an important step in expanding HDBank’s remittance and international financial services, providing customers with faster, secure and competitively priced global money transfer solutions.”

HDBank has continued to invest in international payments infrastructure in recent years. In 2022, the bank became one of the first lenders in Vietnam to launch SWIFT Go, supporting low-value international payments for individuals and small and medium-sized enterprises (SMEs). It has also expanded digital trade finance services, including eLC and electronic telegraphic transfers (eTT), alongside a network of correspondent banking relationships.

The partnership has reinforced HDBank’s strategy of enhancing cross-border payment capabilities and supporting the growing international payment needs of individuals and businesses.