The trust dilemma in global payments: 4 key risks and Vietnam Fintech’s answer

Cross-border payments have become the lifeblood of global trade. Especially in the Asia–Pacific region, the cross-border flow of goods, services, and capital is accelerating, driven by advancements in digital infrastructure and multilateral trade agreements.

In Vietnam, the boom in e-commerce and the export-import of goods and digital services has made international payments a key area of focus. According to the Ministry of Industry and Trade, Vietnam’s cross-border e-commerce grew by over 26% in 2024, reflecting the country’s deepening economic integration.

However, behind this impressive growth potential lie complex financial, legal, and technical risks—highlighting the urgent need for a safe, transparent, and risk-controlled international payment ecosystem.

Four major risk categories in cross-border payments

Cross-border payments refer to financial transactions where the payer and the recipient are located in different countries. To ensure successful transactions, numerous banking systems, financial policies, legal frameworks, and currency markets must interact—creating multiple points of vulnerability:

• Risk related to the reliability and capabilities of partners: Geographical and language differences make it challenging to assess the legal standing and financial credibility of foreign partners. For those newly entering the Vietnamese market, this creates a significant barrier and increases the risk of trade fraud or transaction failure due to insufficient partner capacity.

• Exchange rate risk: International transactions typically involve multiple currencies. In a volatile forex market, shaped by political instability, wars, and global monetary policy, businesses can suffer significant losses from unfavorable exchange rate fluctuations.

• Legal risk and regulatory fragmentation: Each country maintains its own financial legal framework. Differences in licensing, transaction standards, and fund control procedures may cause payment delays, rejections, or even legal violations without proper legal guidance. In Vietnam, cross-border payment and foreign exchange regulations are still evolving, creating “legal grey zones” that often confuse international partners.

• Operational and cybersecurity risk: Global payments are prime targets for cyberattacks, technological fraud, and system failures. These transactions require seamless coordination between multiple financial systems, technology platforms, and multi-country processing mechanisms. If the operating infrastructure is unstable—due to connectivity issues, system overloads, or mismatched reconciliation processes—then even minor technical disruptions can break the entire payment chain.

Vietnam fintech – A local answer to a global problem

In reality, trust in international payments cannot only be solved by legal frameworks or policy alone. Real-time technology and risk management capabilities also are the factors. This is where local fintech companies—well-versed in Vietnam’s market yet integrated with international technologies—are becoming strategic enablers.

A standout example is 9Pay, a Vietnamese fintech company licensed by the State Bank of Vietnam for both Payment Intermediary Services and Direct Foreign Currency Collection and Disbursement. These are critical legal advantages that position 9Pay as one of the few fintech firms in Vietnam with the legal capacity to process cross-border payments—offering multiple benefits:

• Legal compliance and transparency: With licenses from the State Bank of Vietnam, 9Pay has built a transaction system that strictly adheres to both domestic and international regulatory requirements, helping partners ensure legal compliance in all transactions.

• Exchange rate advisory and cost control support: Beyond payment tools, 9Pay provides consultancy and solutions to help partners optimize costs related to exchange rates—one of the most crucial factors in the global supply chain.

• Legal and risk consulting for international partners: With a team of legal and risk experts experienced in Vietnam’s financial system, 9Pay supports foreign partners in minimizing compliance risks and designing transaction models aligned with current regulations.

• Large-scale, secure transaction platform: 9Pay currently processes over USD 10 billion in transactions annually and collaborates with leading banks, financial institutions, and major e-commerce platforms.

The growth of cross-border commerce is irreversible. However, as Vietnamese businesses expand more quickly and deeply into global markets, equipping themselves with robust legal and financial safeguards is imperative.

More than just an intermediary, fintech companies like 9Pay are emerging as strategic partners—building trust and mitigating risks in the international payment landscape connecting Vietnam with the world.

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