The partnership, introduced on November 14, permits college students to finish transactions to establishments around the globe in a single on-line session with out visiting a financial institution or incurring extra charges.
“We’re thrilled to accomplice with VIB to mix their complete banking community and Flywire’s cost know-how with the objective of remodeling how worldwide funds are made for college students”, mentioned Mohit Kansal, SVP of worldwide funds & payer providers, Flywire.
“Vietnam is a vital outbound marketplace for Flywire and we’re dedicated to enhancing our choices for payers whereas strengthening our presence within the area.”
By way of the collaboration with Flywire, VIB has digitised 100% of its worldwide cost providers, which may be tracked on the Flywire platform, enabling full transparency for customers.
The shortcoming to trace worldwide funds has steadily been cited as an issue by college students who mentioned that cost points influenced their view of the college they’re making use of for.
Previous to the partnership, Vietnamese clients would sometimes pay a minimal of $10 USD in switch charges and $25 USD in out-of-country charges per worldwide transaction. Now, there aren’t any extra charges.
Prospects may pay immediately in Vietnamese đồng (VND) somewhat than buying international foreign money within the conventional manner.
The newest UNESCO knowledge for 2022 reported that almost 135,000 Vietnamese college students have been learning overseas, making it by far the biggest supply nation in Southeast Asia, adopted by Indonesia and Malaysia which despatched 63,000 and 48,000 college students respectively.
Japan and South Korea are among the many hottest locations for Vietnamese college students, adopted by the US, Australia and Canada.
Thought of “one of the vital dynamic rising international locations within the East Asia area” by the World Financial institution, the variety of Vietnamese college students learning overseas is anticipated to develop within the coming years.
Easing the cost course of for Vietnamese college students will help the continued development of the nation’s internationally cell pupil inhabitants because the affordability of upper schooling turns into an rising concern for college students globally.
Vietnam is a vital outbound marketplace for Flywire and we’re dedicated to enhancing our choices for payers whereas strengthening our presence within the area
Mohit Kansal, Flywire
Final yr, Flywire partnered with Tencent’s fintech arm in a bid to permit Chinese language college students and households to make schooling funds overseas through WeChat Pay.
Mr. Hồ Vân Lengthy, deputy CEO of VIB, mentioned that the collaboration with Flywire was serving to it to turn into probably the most “revolutionary and customer-centric” financial institution in Vietnam, delivering personalised options to clients.
