New partnership will simplify international tuition payments for Vietnamese students.
Working together the companies are addressing the unique requirements and nuances of the Vietnamese market and ensuring compliance with local regulations while offering students and their families greater convenience and choice.
By partnering with VPBank, Flywire enables Vietnamese students to make their international tuition payments in VND, via their preferred method, including bank transfers, which are very popular in Vietnam. The joint offering also provides an intuitive, digital workflow for the submission of necessary documentation required by local regulations. Previously, this process was highly manual, and student payment options were very limited.
Flywire is the tuition payment solution of choice for international students and schools, having processed over $12 billion for 2,000+ education institutions around the world. The platform provides a single point of management and payer engagement from billing and payment through reconciliation. Schools can offer students and families a highly-tailored, convenient and secure payment experience – customized by school, country, and currency – while accelerating funds flow and streamlining operational expense.
“Vietnam is one of the fastest-growing countries of origin for international students around the world, and as the country’s economy continues to grow at a rapid rate, so too does the number of Vietnamese families sending children to study abroad,” said Ryan Frere, vice president of global payments for Flywire. “Many of Flywire’s client schools in the US, Canada, UK, and Australia already have large Vietnamese student populations. Our collaboration with VPBank makes it significantly easier for those schools to serve students at higher levels in this important market.”
The Prime Minister and the State Bank of Vietnam are promoting increased digitalization in the banking sector in the country. This includes a focus on facilitating non-cash payments and streamlining administrative procedures to save time and expense for organizations, individuals and society in general.
“The cooperation with Flywire demonstrates the bank’s dynamic thinking and actions, which reaffirms its advantages in technology, its ability to capture market demand and create the most convenient experience for customers,” said a VPB spokesperson.
Flywire is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney, The company solves complex payment problems for businesses and institutions to empower new opportunities globally and locally. The company processes billions in payments per year, connecting entities to make transactions faster, more secure, less expensive, and more transparent. Clients in business, education and healthcare use Flywire’s full-service platform to tailor the payment experience for their customers and to create a single point of visibility and control for payer engagement and receivables management – from invoicing to payment reconciliation. Flywire also supports its clients with end-to-end customer support, including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking.
VPBank is one of the earliest-established joint-stock commercial banks in Vietnam, which has achieved steady growth throughout its history. The bank has set an ambitious target of becoming the most consumer-friendly, technology-driven bank and one of Vietnam’s top three most valuable banks by 2022. VPBank is the first private bank of Vietnam named in the world’s Top 500 most valuable banking brands. The ranking was announced by Brand Finance, the top Brand Valuation Consultancy, in February 2019. As of June 30, 2019, VPBank has VND 348,732 billion in total assets, around 6.1 million active customers, VND 16,832 billion TOI and 4,343 billion PBT with full coverage of all banking segments.