As Vietnam prepares for rapid financial development and global integration, highlighted by the planned launch of an International Financial Center, banks and financial institutions are under growing pressure to upgrade their systems, connectivity, and solutions.
In this context, the Bank for Investment and Development of Vietnam (BIDV), the country’s oldest and largest commercial bank, and Nhat Phuong Joint Stock Company (FinFan), a pioneer in cross-border fintech solutions, have formalized a strategic partnership to drive the modernization of Vietnam’s payment infrastructure and expand its global reach.
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BIDV and FinFan’s representatives at the signing ceremony. Photo courtesy of FinFan |
This collaboration marks a key milestone, combining BIDV’s robust banking infrastructure with FinFan’s agile fintech capabilities to deliver secure, modern, and efficient cross-border financial services. The goal is to make automated, transparent payment solutions more accessible to individuals and businesses, especially those engaged in small-value e-commerce and import-export activities.
Under the MoU, both parties will support the expansion of existing services, co-develop new products and bundled offerings, and coordinate on marketing and market development to scale their ecosystems and deliver greater value to customers and partners.
A major focus will be the development of integrated solutions tailored for small and medium-sized enterprises (SMEs), household businesses, and individual consumers, segments with rapidly growing demand for digital and cross-border payment services across Southeast Asia.
These service bundles will include:
– Cross-border payment, collection, and disbursement solutions
– Foreign exchange trading and financial derivatives
– Account management, virtual accounts, treasury services, and automated term deposits
– Retail and corporate card services
– Joint marketing and customer engagement initiatives
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Trinh Thi Thu Trang (L), Deputy Director of BIDV Thang Long Branch, and Nguyen Tuyen, CEO of FinFan, shake hands at the signing ceremony. Photo courtesy of FinFan |
Trinh Thi Thu Trang, Deputy Director of BIDV Thang Long Branch, said, “This partnership reflects BIDV’s agility and commitment to staying ahead of market trends while delivering safe, flexible, and compliant digital banking services, particularly at the branch level.”
Nguyen Tuyen, CEO of FinFan, added, “Partnering with BIDV, with its strong financial foundation and commitment to compliance, enables FinFan to scale our solutions and deliver world-class services to our users and partners.”
The agreement signals a shared long-term vision between BIDV and FinFan: bridging traditional banking with next-generation fintech to meet real-world needs and support the growth of Vietnam’s International Financial Center.
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Trinh Thi Thu Trang (L), Deputy Director of BIDV Thang Long Branch, and Nguyen Tuyen, CEO of Finfan, Sign The Mou. Photo Courtesy of Finfan |
Founded in 1957, BIDV is Vietnam’s oldest commercial bank. With over 67 years of development, it now leads the market in total assets. As of December 31, 2024, BIDV’s assets exceeded VND2.76 quadrillion (US$109 billion), backed by a network of 1,118 branches and transaction offices both in Vietnam and abroad.
A pioneer in digital transformation, BIDV serves over 14 million retail customers and 340,000 corporate clients through its expanding digital ecosystem. The bank is regularly ranked among Forbes’ Global 2,000 and Brand Finance’s Top 300 Most Valuable Banking Brands.
Established in 2007, FinFan (Nhat Phuong Joint Stock Company) is one of Vietnam’s fintech trailblazers. Licensed by the State Bank of Vietnam to provide legal international remittance services, FinFan delivers payment infrastructure solutions for global Money Transfer Operators (MTOs), banks, and digital platforms. It was among the first Vietnamese companies authorized to conduct international e-wallet remittances.
Today, FinFan continues to promote financial inclusion through secure, real-time transactions and plays an essential role in Vietnam’s digital financial transformation. The company is steadily emerging as a regional leader in embedded finance and cross-border payment innovation.
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