9Pay: Vietnamese Fintech Set to Go Global in Vietnam’s Financial Hub

Vietnam is undergoing a strategic transformation: shifting from a manufacturing-led economy to a financial hub. According to the Vietnam Innovation & Technology Investment Report 2024, between 2013 and 2023, payment-focused fintech startups attracted US$1.04 billion in investment, alongside US$495 million poured into financial services. Data from JLL and HSBC also highlights Vietnam as one of the top destinations in the “China + 1” strategy adopted by multinational corporations, driving demand for cross-border financial and payment infrastructure.

Recently, the Government instructed the accelerated development of the nation’s first two international financial centers, in Ho Chi Minh City and Da Nang, with Ho Chi Minh City alone projected to attract US$7 billion in investment. But a financial center cannot be built with capital alone. What is required is an open regulatory framework, robust technology, and enterprises competitive enough to operate on a global scale.

Professor Dr. Hoang Van Cuong, a member of the National Assembly’s Finance and Budget Committee, emphasized on VTV’s Made in Vietnam program that choosing Ho Chi Minh City and Da Nang as international financial centers presents both opportunities and advantages. He noted that global finance is rapidly shifting from traditional transactions to digital assets, and Vietnam is well-positioned to capture this trend thanks to its strategic geographic location as an international maritime crossroads, coupled with strong telecom infrastructure, fast-evolving technology, and a young, adaptable workforce. Ho Chi Minh City already has the foundations of a financial hub, with international airports, seaports, and a place in global financial center rankings. Da Nang, meanwhile, is recognized for its vision of developing a free-trade zone, advancing digital technology, and building a smart city. According to Prof. Cuong, Vietnam will pursue a breakthrough model with a special, flexible legal framework designed to fully meet investor needs while enabling the testing of new digital finance trends.

This moment presents a unique opportunity for FDI enterprises, e-commerce platforms, and cross-border service providers entering Vietnam. However, from a regulatory standpoint, outward remittances remain tightly governed. Under Circular 40/2024/TT-NHNN, all domestic payment intermediaries conducting international transactions are required to partner with banks to convert and execute payment orders. Moreover, foreign companies doing business in Vietnam face complex questions around licensing, tax obligations, and compliance. International firms often spend considerable time navigating the landscape, weighing costly Big Four consultancy services against smaller local advisors that may lack expertise in cross-border tax and legal issues. These hurdles can lead to significant delays and higher costs, particularly in terms of lost opportunities to scale in Vietnam.

In practice, many multinational corporations are seeking licensed payment intermediaries to facilitate cash flows, as local banks are not yet positioned to provide direct payment solutions tailored to their needs. To address this gap and to help pave the way for Vietnam’s emergence on the global financial stage, 9Pay, a fintech company licensed by the State Bank of Vietnam, has offered an integrated platform that aligns with international standards while addressing local regulatory and business requirements.

“We do not simply provide a single payment solution, but act as a financial and legal partner that understands the Vietnamese market, accompanying foreign enterprises from payment integration to cash flow optimization and compliance with regulations, suitable for the business characteristics of each enterprise and financial institution,”  Lê Tuấn Anh, Business Director of 9Pay, shared on VTV's Made in Vietnam program.

The company’s cross-border remittance service, branded as 9Remit. By using 9Pay accounts as domestic bank accounts, foreign businesses can conduct business in Vietnam without the need to establish a legal entity or apply for a separate license. These accounts can collect and pay in real time, fully comply with legal and tax obligations, and transfer money internationally in a legal manner.

9Pay’s core advantage lies in its transaction speed, solution flexibility, and its dual expertise: a deep understanding of international partners’ needs, coupled with strong knowledge of Vietnam’s regulatory, policy, and institutional framework. The platform is fully integrated with all domestic banks, major international financial networks such as Visa, MasterCard, JCB, and American Express, as well as global payment service providers including Ria Money Transfer and WireBarley….

What sets 9Pay apart is its ability to adapt and apply advanced technologies in handling high transaction volumes at international fintech standards, processing 400–500 transactions per second, with a peak capacity of 1,000 RPS while maintaining system stability. Previously, international remittances could take up to 10 business days to settle. Today, leveraging its technology and global network, 9Pay enables T+0 settlements with money received on the same day, and in many cases, within just two hours of initiating the transfer.

Underlying this growth is a strong focus on security and compliance. The company has achieved the highest level of PCI DSS compliance (Level 1), uses encryption and biometric authentication for transactions, and utilizes AI-driven algorithms to detect fraud in real-time. These measures have helped it build trust with both regulators and partners, essential qualities for any firm aspiring to operate across borders.

9Pay has laid out ambitious goals. It plans to double the number of foreign companies it supports within the next three years and is targeting at least 30 per cent annual revenue growth from its FDI clients in 2025. To reach those targets, it is investing in expanded services, including advanced cash management tools and AI-powered payment analytics.

As Da Nang positions itself to become one of Việt Nam’s future international financial centers, 9Pay has officially established a new office in the city. The move not only expands 9Pay’s operational footprint but also underscores its vision of delivering Made in Vietnam fintech solutions to support the nation’s digital finance strategy. Leveraging its strengths in payment technology and experience serving enterprise clients, 9Pay aims to contribute to the development of a modern financial ecosystem, facilitating international capital flows while providing secure and convenient digital payment services for businesses and local communities across Central Việt Nam.

For Việt Nam, firms like 9Pay are more than just successful startups - they are key components of the country’s aspiration to join the ranks of Asia’s financial centres. While challenges remain, the progress of fintechs illustrates how Vietnam can leapfrog traditional stages of financial development and integrate directly into the global digital economy.

“Việt Nam has both the demand and the determination. With the right partnerships and infrastructure, fintech will help position our country as a trusted player in the international financial landscape,” said Tuấn Anh.

As the nation charts its long-term course, 9Pay’s rise shows how Vietnamese innovation is no longer confined to the domestic market. It is reaching outward, connecting investors, businesses and consumers, and in the process, helping to shape the foundations of Việt Nam’s financial future.