FinFan and BIDV Establish Strategic Partnership to Drive Innovation in Cross-Border Payment Solutions

To proactively prepare for the rapid development and global integration of Vietnam’s payment and financial systems, especially with the country’s upcoming launch of an International Financial Center - Vietnamese banks and financial institutions must swiftly upgrade their systems, connectivity, and solutions to align with this strategic shift. In this context, the Bank for Investment and Development of Vietnam (BIDV), which is the country’s largest and oldest commercial bank and Nhat Phuong Joint Stock Company (FinFan) - a pioneer in cross-border fintech solutions in Vietnam - have officially signed a Memorandum of Understanding (MoU) to advance the modernization of payment infrastructure linking Vietnam with global networks. This collaboration marks a significant milestone, combining the capabilities of both organizations to explore and implement secure, advanced, and efficient cross-border financial solutions. It aims to make modern, automated, and transparent payment methods more accessible to individuals and businesses both domestically and internationally, especially for small-value e-commerce and import-export transactions. Under the MoU, both parties commit to supporting each other in expanding existing services, jointly developing innovative new solutions and product bundles, and coordinating marketing and market development efforts to scale their ecosystems and maximize value for customers and partners. A key focus of the partnership is to create integrated offerings specifically tailored for SMEs, household businesses, and individual customers. Moreover, it also segments with the fastest-growing demand for digital and cross-border payment services in Southeast Asia. These bundles will include:

• Cross-border payment, collection, and disbursement services
• Foreign exchange trading and financial derivatives
• Account management, virtual accounts, corporate treasury services, and automated term investment deposits
• Retail and corporate card solutions and other retail banking services
• Joint marketing and customer engagement initiatives to expand the service ecosystem

Ms. Trinh Thi Thu Trang, Deputy Director of BIDV Thang Long Branch, remarked: “This partnership demonstrates BIDV’s agility and responsiveness to market trends, while ensuring safe, flexible, and compliant execution of our digital service strategy - especially at the branch level.”

Mr. Nguyen Tuyen, CEO of FinFan, added: “Collaborating with a bank like BIDV - with its robust financial infrastructure and high compliance standards - gives FinFan an exceptional opportunity to scale our solutions and deliver world-class services to customers and partners.”

The MoU reflects the long-term commitment of BIDV and FinFan to bridge the gap between traditional banking and next-generation fintech, responding to real-world needs while anticipating the growth of Vietnam’s International Financial Center.

About BIDV Founded in 1957, BIDV is Vietnam’s oldest commercial bank. Over 67 years of development, it has become a market leader by total assets. As of 31 December 2024, BIDV’s total assets exceeded VND 2.76 quadrillion (~USD 109 billion), supported by a network of 1,118 branches and transaction offices domestically and internationally. A digital transformation pioneer, BIDV operates a diverse digital ecosystem that serves over 14 million retail customers and more than 340,000 corporate clients. The bank has been consistently ranked among Forbes’ Global 2,000 and Brand Finance’s Top 300 Most Valuable Banking Brands.

About FinFan Founded in 2007, FinFan (Nhat Phuong Joint Stock Company) is one of Vietnam’s fintech pioneers, licensed by the State Bank of Vietnam to provide legal international remittance services and infrastructure solutions for global Money Transfer Operators (MTOs), banks, and digital platforms. FinFan was the first Vietnamese enterprise authorized to facilitate international remittances via e-wallets. Today, it acts as a vital bridge for the Vietnamese diaspora, promoting financial inclusion through secure, transparent, and real-time transactions. FinFan continues to play a key role in Vietnam’s digital financial transformation, steadily rising as a regional leader in embedded finance and cross-border payment solutions.