Flywire and Vietnam Prosperity Bank (VPBank) today announced a new partnership that 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 VP spokesperson.