Vietnam Banks Association holds working session with TerraPay

Representing the VNBA at the working session was Dr. Nguyễn Quốc Hùng, Vice Chairman and General Secretary, along with leaders from several departments of the Association’s Standing Office. From TerraPay, participants included Mr. Sheshagiri (Sukesh) Malliah, Vice President for Asia Pacific (joining online); Ms. Joy Nguyen, Regional Director for Asia Pacific (APAC); and Mr. Lohitkumar Balikai, Head of Product Engineering.

During the session, Ms. Joy Nguyen introduced TerraPay’s profile and global operations. TerraPay, founded in 2014 as a project within a payments company and spun off as an independent entity in 2020, specializes in secure, real-time cross-border payment infrastructure. It operates with a business-to-business (B2B) model that connects major banks, financial institutions, and payment intermediaries such as Western Union, MoneyGram, and WorldRemit, and is an active participant in the SWIFT network.

Mr. Sheshagiri highlighted TerraPay’s global network capabilities, noting connections to approximately 3.7 million digital wallets and 7.5 billion bank accounts worldwide. As of 2025, TerraPay’s platform processes a significant share of transactions in under one minute. The company supports payment and transfer services in more than 200 countries and territories.

In the Vietnamese market, TerraPay has already established connectivity and service implementation with around 10 commercial joint-stock banks. Its streamlined operational model focuses on enhancing processing efficiency, reducing transaction costs, and enabling real-time transfers.

TerraPay’s systems are also designed to meet international standards for customer verification (KYC) and anti-money laundering (AML) compliance, which the company views as foundational for expanding into markets with stringent regulatory requirements.

Dr. Nguyễn Quốc Hùng commented that TerraPay’s service model shows promise due to its competitive cost structure and fast processing times. He expressed VNBA’s support for innovative technologies that bring practical benefits to member organizations, while emphasizing that any deployment in Vietnam must strictly comply with national legal and regulatory frameworks.

Both parties agreed to strengthen information exchange and pursue viable cooperation pathways to promote safe, efficient cross-border financial flows and contribute to the broader development of Vietnam’s digital payment ecosystem. TerraPay’s representatives thanked Dr. Nguyễn Quốc Hùng for the meeting and expressed their desire for ongoing collaboration with VNBA.

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