Vietnam Maritime Commercial Joint Stock Bank (MSB) has partnered with TerraPay to enhance digital payment solutions by improving efficiency and reducing transaction costs. According to estimates from the Bank of England, the cross-border payment market is expected to grow by more than USD 100 trillion, reaching over USD 250 trillion by 2027.

Along with the pace of digitisation, 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. Enhancing global payments for Vietnamese SMEs 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.

As per the cooperation agreement, MSB and TerraPay will provide payment solutions, payment infrastructure, and other products and services to partners and (or) customers. Simultaneously, the two companies will introduce 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.

As a result, SMEs will benefit from quick, convenient, and cost-effective global payout solutions. In a comment, officials from MSB said the cooperation between the two parties will bring numerous benefits and economic efficiencies for Vietnamese businesses in both domestic and international payments. TerraPAy’s team added that their partnership with MSB is a big step towards enhancing global payments for businesses across Vietnam.

They are happy to work together, combining their strengths and expertise, to transform the broader landscape while furthering their 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. Source: Link .