Global trade payment platform launched

Global trade payment platform launched

Payment method provider Visa has announced a partnership with Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Shinhan Bank Vietnam and Military Commercial Joint Stock Bank (MB) to launch a global trade payment platform.

Visa co-operates with banks to launch a global trade payment platform - the market’s first global card-based solution for trade payments, enabling importers to pay South Korean suppliers using Visa commercial cards. — Photo Courtesy of Visa

Accordingly, the platform is the market’s first global card-based solution for trade payments, enabling importers to pay South Korean suppliers using Visa commercial cards. 

By enabling payments through the VPBiz Visa platinum card, Shinhan Visa Corporate card and MB Visa Hi Biz card, the platform provides Vietnamese businesses – especially small and medium-sized importers – with clear benefits, including seamless cross-border payments, improved cash-flow management, digitised documentation for transparency, and fast, secure settlement. 

GTPP also expands international trade opportunities by connecting buyers to a broader supplier network in South Korea through its partnership with the Korea Trade Investment Promotion Agency (KOTRA)

“Việt Nam is currently South Korea’s third largest export market. By enabling B2B payments via corporate cards through GTPP, SMEs in both countries can now transact quickly, safely, and transparently. This solution is expected to vitalise transactions between Vietnamese businesses and more than 150,000 South Korean export companies supported by KOTRA,” said Jung Hun Lee, executive vice president for AI Trade-Investment, KOTRA, shared.

Annual trade between Việt Nam and South Korea reached US$86.7 billion in 2024, according to KOTRA and The Korea Times, and is projected to grow toward $150 billion by 2030. 

The platform aims to simplify cross-border transactions, reduce errors, and provide real-time reconciliation for greater efficiency.

B2B payments are the backbone of Việt Nam’s economy, where SMEs play a vital role in driving growth and employment. Visa’s recent study shows Việt Nam leads Asia Pacific in B2B card adoption at 8.3 per cent of B2B payment volumes among B2B card‑accepting merchants in Việt Nam, signaling strong readiness for digital transformation. 

By enabling secure, efficient cross-border payments, GTPP can help businesses integrate into global supply chains, improve cash flow, and access new markets – critical steps as Việt Nam strengthens trade ties with South Korea and beyond. 

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