Fintech Collaborates with Banks: Ushering in a New Era of “Affordable – Flexible – Global” Payment Solutions for SMEs

In the era of digital finance and global economic integration, small and medium enterprises (SMEs) are at the forefront of innovation and growth. Yet behind their ambition to expand internationally lie complex obstacles: legacy payment systems lack agility, foreign exchange costs remain high, regulatory requirements vary and grow more stringent, and SMEs often lack financial tools suited to frequent, lower-value transactions. Most traditional banking infrastructures are built for large corporates, featuring lengthy processes, standardized products, and limited flexibility. For an SME that needs to send daily micro-payments to multiple suppliers abroad or receive receipts from international customers via various channels, slow settlement and opaque FX rates pose real challenges.

Why SMEs Need Fintech–Bank Collaboration

According to FXC Intelligence, the 2024 cross-border B2B payment market reached approximately USD 31.6 trillion, with SMEs accounting for 44% (around USD 13.8 trillion). Yet the majority remain “left behind” when it comes to international expansion—not for lack of ambition, but because they cannot access comprehensive financial solutions. Traditional banking processes can take 5–14 days, disrupting cash flow cycles.

SMEs also face high transaction fees, opaque FX markups, lack of real-time transaction visibility, and increasingly complex, disparate compliance requirements across jurisdictions. Managing multiple accounts, platforms, and intermediaries further raises operational costs and risks. Collaboration between fintech and banks addresses these challenges by delivering a unified ecosystem: fintech contributes technology, API integration, and agility, while banks offer regulatory compliance expertise, financial infrastructure, and global networks.

The Shift from “Competition” to “Co-Creation”

The transition from adversarial postures to strategic partnerships is now a global trend: nearly 50% of banks in Asia have already formed collaborations with fintech firms, with another 75% planning to do so, while approximately 45% of SMEs actively seek fintech solutions to improve financial efficiency and expand markets (Asian Banking & Finance).

Instead of fierce competition, banks and fintechs convene to build joint platforms: banks bring regulatory frameworks, credibility, and global correspondent relationships; fintechs contribute advanced technology, rapid deployment, and personalized user experiences.

Through partnership, they create an intelligent financial ecosystem in which SMEs can access cross-border payment services that are faster, more transparent, and more flexible. Joint initiatives—such as innovation labs, regulatory sandboxes, and open APIs—enable both sides to pilot and refine solutions in response to evolving market demands. The outcome is a financial experience that is both “compliant” in terms of governance and security, and “convenient” through intuitive interfaces and on-demand services, empowering SMEs to embrace digital transformation and pursue cross-border growth with confidence.

FinFan as a Model of “Affordable – Flexible – Global” Solutions

FinFan exemplifies this collaborative model through its Global Collection IBAN service, delivering modern financial solutions that help Vietnamese SMEs access cost-efficient, agile, and globally connected payments. From a regulatory and connectivity standpoint, FinFan has been licensed by the State Bank of Vietnam since 2017 to legally receive and disburse foreign currency, ensuring full compliance with domestic regulations.

On that foundation, FinFan has built a flexible local payment network in partnership with Visa and domestic banks to optimize inbound and outbound flows, while integrating Stellar technology, open APIs, and blockchain where appropriate to guarantee transparency and real-time cross-border transaction tracking. When partnering with banks, FinFan leverages their legal infrastructure and reputation to launch new payment corridors swiftly, delivering a secure and transparent experience for SMEs.

The multi-currency IBAN account underscores FinFan’s “Affordable – Flexible – Global” advantage. SMEs can open an account fully online within minutes, without establishing multiple international banking relationships. They can receive payments in over 40 currencies and hold 30+ currencies simultaneously on a single platform, benefiting from competitive FX rates and transparent fees. Transaction processing typically completes in 1–2 business days rather than the 5–7 days (or longer) of legacy processes. In an environment where cross-border B2B volumes exceed USD 31.6 trillion—44% of which originates from SMEs yet often lacks optimal solutions—FinFan reduces costs and FX risks while accelerating cash flow to enable more proactive market expansion.

FinFan’s intelligent management interface and API integration form a critical foundation for SME finance. A clear dashboard displays currency balances, transaction histories, and fee reports in real time, supporting rapid, data-driven decisions. Automated KYC/AML workflows from onboarding through transaction initiation minimize legal risk without disrupting user experience. API connectivity seamlessly links with e-commerce platforms, accounting systems, and sales channels, enabling automated reconciliation and operational efficiency. With banks providing regulatory infrastructure and compliance oversight, FinFan delivers SMEs a centralized, transparent, and flexible financial ecosystem that supports rapid action on a global scale.

Next Steps to Realize Global Potential

SMEs should proactively adopt multi-currency payment platforms and digital solutions to achieve transparent cash flow management, data-driven decision-making, and agile responses to market volatility. Early implementation not only boosts financial performance but also fosters an innovative mindset, enabling enterprises to collaborate confidently with global partners and scale at the speed of digitalization.

For banks, this is an opportunity to form strategic alliances with fintechs, jointly developing secure, compliant digital offerings that cater to the evolving needs of SME clients. Expanding the product ecosystem through partnership not only enhances the customer experience but also positions banks as forward-looking institutions ready to support businesses in the digital era. By sharing regulatory infrastructure, partner networks, and compliance expertise, banks and fintechs co-create flexible services—from cross-border payments to working capital management—that address SMEs’ diverse requirements.

Finally, this collaboration must be supported by an enabling environment: regulators and industry stakeholders should provide sandbox frameworks and adaptive policy regimes, and facilitate forums for sharing best practices so that fintechs and banks can pilot, evaluate, and refine solutions rapidly. When the entire ecosystem works together in an open, cooperative setting, SMEs will no longer be left behind in the global arena—they will have a centralized, transparent, and agile financial platform to seize opportunities and meet challenges in international markets.