TerraPay & MBV link up for real-time global transfers

TerraPay has partnered with MBV to offer real-time outbound international payments, allowing MBV customers to send money to bank accounts and digital wallets worldwide.

The tie-up gives MBV access to TerraPay's network across more than 156 countries and territories through a single connection. MBV will use its existing Swift infrastructure rather than make major changes to its systems.

The agreement comes as digital banking use rises in Vietnam. According to the State Bank of Vietnam, 87% of adults in the country now hold a bank account, while many credit institutions conduct more than 90% of their transactions through digital channels.

That shift has increased pressure on banks to match domestic digital services with simpler international payment options. Cross-border transfers have often relied on correspondent banking arrangements that can add complexity and cause delays.

Under the new arrangement, MBV customers will continue to initiate payments through the bank's existing channels, while TerraPay will provide the payout network for transfers to overseas bank accounts and digital wallets.

The model is intended to expand MBV's international payment reach without large technology spending. It also gives the bank a way to introduce additional cross-border payment services using infrastructure already in place.

Part of the MB Group ecosystem, MBV has focused on trade support and international payments as part of its wider banking strategy. The bank said it has been upgrading its cross-border transfer services to make them faster and better suited to customer needs.

London-based TerraPay works with banks, digital wallets, money transfer operators, corporates and fintech groups. Its network connects to more than 7.5 billion bank accounts in over 156 countries and reaches 3.7 billion wallets through its Xend payments interoperability network.

For Vietnam's banks, the appeal of such partnerships lies in extending international payment access without replacing core systems. That is particularly relevant in a market where digital adoption has moved quickly, and customer expectations for instant services now extend beyond domestic payments.

MBV said the agreement fits its broader plans for modern banking services.

"MBV is focused on delivering modern banking services and expanding customer access to digital financial solutions. Partnering with TerraPay empowers us to accelerate the rollout of real-time international payments without the burden of major technology investment. It's a strategic step forward in our vision of providing customers with modern, globally connected banking services," said Le Xuan Vu, Chief Executive Officer of MBV.

TerraPay said the arrangement reflects rising demand in Vietnam for easier ways to move money across borders.

"As financial access in Vietnam widens, customer expectations for banking are evolving just as fast - including how they move money across borders. This partnership gives MBV a single connection to global reach through infrastructure they already trust, so they can bring new capabilities to customers quickly and without disruption," said Ani Sane, Co-Founder and Chief Business Officer, TerraPay.