According to the latest report of FXC Intelligence, the global B2B cross-border payments is predicted to grow from $40tn in 2024 to $56tn in 2030, which shows positive signals for this market globally.

How does this impact the B2B cross-border payment market in Vietnam and what do we need to prepare for the next developments in the market? Let's find out the above issue with FinFan through the following article.

Global B2B cross-border payments amount has been increasing year-by-year

Previously, in its comments, FXCIntelligence published reports showing that the index of this sector continuously increased from $39.3tn in 2023 and then reached over $43tn by the end of 2024.

Now, it comes as no surprise that reports forecasting the global cross-border payments market, as published by this company, indicate that this sector is poised to reach a record figure of $56 trillion by the year 2030.

What does the fintech industry in Vietnam need to prepare to take full advantage of the growth of the cross-border payments market?

API connection technology

It can be said that the development of the B2B cross-border payment industry in Vietnam partly depends on technological advancements, which make transactions faster, safer, and more cost-effective. This maximizes the incentive for technological payment changes.

Therefore, fintech service providers must update their API connectivity technology to meet the rapidly evolving needs of the market. This not only ensures compatibility but also offers more payment options for B2B businesses worldwide.

In Vietnam, FinFan, with the relentless efforts of our research and product development team, along with our tech team, is the first company in the market to introduce a solution called the e-wallet aggregator. This solution aims to expand payment options for international businesses through domestic e-wallets, amidst the rapid development of e-wallets in Vietnam.

Proactively providing multi-currency payment accounts for businesses.

International B2B payments were significantly affected by exchange rate fluctuations in the past, leading to deep cuts in profits for businesses.

Therefore, actively researching and developing products related to providing multi-currency payment accounts for businesses is crucial for fintech companies as well as FinFan to pursue.

However, providing multi-currency payment accounts also requires fintech companies to overcome numerous challenging obstacles to achieve success.

Read more:

. 4 Benefits of a Multi-Currency Account for Your Business and How to Choose the Right Provider

Providing instant payment solutions for businesses

As mentioned in the article about the steps that two import-export businesses in different countries must take to complete the payment process for their import-export invoices, FinFan addresses the complexity of payments with extremely intricate procedures.

The solution to this issue is to provide an instant settlement solution for businesses participating in this import-export market.

Read more:

. Can B2b Cross-Border Payment Especially in Import and Export Payments to Vietnam Last in 8 Seconds

. 3 Benefits That Instant Settlement Service Brings to Businesses

Conclusion

FinFan hopes that with meticulous preparation as mentioned above, the fintech industry in Vietnam can develop on a global scale and achieve impressive results.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same. FinFan already integrated with almost the world's well-known MTOs, PSPs, switch and core fintech platforms as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc. For more information, please contact us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

LinkedIn: FinFan

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