Hana Bank has signed a memorandum of understanding with the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to expand cross-border QR code payment and settlement services.

The agreement was formalized on August 12, 2025, during the Korea–Vietnam Business Forum in Seoul, attended by government officials and over 500 business leaders.

BIDV is Vietnam’s largest state-owned commercial bank.

The partnership will enable individuals and businesses in Korea and Vietnam to use QR-based payment systems and related settlement services between the two countries.

Korean financial institutions have recently prioritized cross-border payment solutions for tourists, expatriates, and businesses operating in Vietnam.

The two banks previously launched a QR-code-based cash withdrawal feature in 2022, allowing users of Hana’s mobile app to withdraw cash from around 2,100 BIDV ATMs in Vietnam without a physical card.

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🔗 Source: The Korea Herald

🧠 Food for thought

1️⃣ Vietnam’s digital finance ambitions create strategic timing for cross-border payment expansion

This QR payment partnership aligns with Vietnam’s broader push to become a regional digital finance hub.

Vietnam’s National Assembly recently passed a resolution establishing International Financial Centers in Ho Chi Minh City and Da Nang, specifically designed to support fintech innovation and digital asset services1.

The country has also made significant legislative progress with the Law on Digital Technology Industry and is developing regulatory sandboxes for fintech innovation2.

This institutional momentum suggests that Hana Bank and BIDV are positioning themselves advantageously within Vietnam’s evolving digital finance ecosystem, rather than simply responding to immediate market demand.

Vietnam’s competitive advantages include low operational costs and a young, adaptable workforce, factors that support the scalability of digital payment solutions across both countries2.

2️⃣ Long-term strategic partnerships enable deeper financial integration than typical correspondent banking

The QR payment expansion builds on Hana Bank’s substantial 2019 investment when it acquired a 15% strategic stake in BIDV for over $1.72 billion3.

This equity relationship includes a five-year restriction on share transfers, demonstrating the banks’ commitment to long-term collaboration rather than opportunistic partnerships3.

The strategic investment structure allows for deeper operational integration, as evidenced by their 2022 launch of cardless ATM withdrawals across 2,100 BIDV locations using Hana’s mobile app.

This equity-backed approach contrasts with typical correspondent banking relationships, enabling both institutions to move beyond basic transaction processing toward comprehensive cross-border financial ecosystems that serve tourists, expatriates, and businesses more effectively.

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