Vietnamese financial institutions Hana Bank and BIDV collaborate on a cross-border QR code payment network system.
South Korea's Hana Bank and Vietnam's largest state-owned commercial bank, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), have signed a new strategic cooperation agreement in August 2025. This agreement aims to expand cross-border QR code payment and settlement services between the two countries, building on their existing collaboration [1][2].
The focus of the collaboration is particularly on small merchants, tourists, and cross-border traders. This expansion will create a seamless cross-border QR payment ecosystem that benefits diverse users, enhancing access to digital financial services in both countries. It includes a 24/7 remittance transfer service from South Korea to Vietnam via Hana Bank’s HanaEZ platform, offering fast, secure, and cost-competitive money transfers [1][2].
Hana Bank and BIDV have a long-standing strategic relationship, dating back to 2019, when Hana purchased a 15% stake in the Vietnamese bank. This latest development is a testament to their commitment to deepening digital financial cooperation, fostering digital transformation, and promoting international integration [1][2][4].
The agreement was signed during the Korea-Vietnam Business Forum in Seoul, attended by government officials and more than 500 business leaders from both nations. Through this expanded partnership, managed by Hana Bank’s fintech arm GLN International, the two banks plan to explore new fintech, securities, and insurance initiatives [1][2][4].
Cross-border payment services have become a focus for Korean financial institutions, particularly for serving Korean tourists, expatriates, and businesses operating in Vietnam. The partnership between Hana Bank and BIDV combines Korea's advanced digital finance technology with Vietnam's extensive payment network, making transactions more convenient, secure, and cost-effective [1][2].
The collaboration is part of an effort to strengthen digital finance ties between South Korea and Vietnam. The General Secretary of the Communist Party of Vietnam, To Lam, was also present on the official visit to Korea, further emphasizing the importance of this partnership [1][2].
In summary, this cross-border QR payment and settlement service improvement strives to lower barriers for financial transactions between the two nations, helping strengthen economic and digital finance relations by making financial services more accessible, secure, and convenient for users across borders [1][2].
[1] Hana Bank and BIDV Sign Strategic Cooperation Agreement [2] Hana Bank and BIDV Expand Cross-border QR Code Payment Services [3] Hana Bank and BIDV Collaborate to Enable QR-based Payment Systems [4] Hana Bank and BIDV to Deepen Digital Financial Cooperation
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