HDBank Taps TerraPay to Launch Real-Time Cross-Border Payments

Vietnam's HDBank has joined forces with payments infrastructure provider TerraPay to launch real-time cross-border payment services for its customers. The partnership gives HDBank clients access to a payout network spanning more than 156 countries and territories, enabling transfers to overseas bank accounts and digital wallets.

The service will utilize HDBank's existing Swift infrastructure, avoiding the need for major technology overhauls or costly system integrations. TerraPay will handle the routing and delivery of payments to international recipients while HDBank customers continue using their familiar banking channels to initiate transactions.

The collaboration focuses on serving HDBank's retail customers and small-to-medium enterprise clients. Businesses will be able to send faster payments to overseas suppliers and trading partners, while individual customers gain improved options for international money transfers.

TerraPay positions the service as a modernization of traditional correspondent banking, which co-founder and chief business officer Ani Sane described as inadequate for today's speed requirements.

Banks like HDBank sit at the heart of how a country transacts with the world, and correspondent banking was never built for the speed today's outbound payment demand requires, Sane said.

Vietnam's outward remittance market was valued at approximately $275M in 2025, according to TerraPay's figures. The company projects the market will expand to $346M by 2030, representing a compound annual growth rate of 4.69%.

The partnership arrives as Vietnamese individuals and businesses increasingly require efficient channels for international payments, driven by growing cross-border commerce and overseas financial obligations.

London-headquartered TerraPay operates offices across eight cities globally, including Dubai, Milan, Miami, Singapore, Bogota, Johannesburg, Kampala, and Bangalore. The company focuses on providing payments infrastructure that banks can integrate without extensive technical modifications.

This partnership gives HDBank a direct route to global reach through infrastructure they already trust, so they can bring new capabilities to market faster and without disruption, Sane added.

In December 2024, TerraPay announced a partnership with Mastercard aimed at expanding digital payment capabilities for wallet providers and their users worldwide.