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, said: "The cooperation between the two parties will bring numerous benefits and economic efficiencies for Vietnamese businesses in both domestic and international payments."
Sudhesh Giriyan, President, Cross Border Payments, TerraPay said: “Our partnership with MSB is a big step towards enhancing global payments for businesses across Vietnam. We are excited to work together, combining our strengths and expertise, to transform the broader landscape while furthering our mission of simplifying global money movement.”
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.