Flywire has announced a partnership with private bank Vietnam Prosperity Bank which the company said will simplify international tuition payments for Vietnamese students.
The collaboration aims at streamlining transactions and administrative requirements for students looking to study abroad.
The new partnership will enable students to take advantage of digitalisation of the workflow of the submission of the documentation required to make an international bank transfer, and to pay tuition fees in VND via bank transfer.
“Our collaboration with VPBank makes it significantly easier for schools to serve students”
“The efficiencies we are driving are in digitising the required documentation process in Vietnam and streamlining the payment and receivable transaction between student/family, bank and institution,” a Flywire spokesperson told The PIE.
Vietnam has been sending growing numbers of students abroad. Last year the number of Vietnamese students in Canada increased by 45%.
“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,” Ryan Frere, vice president of global payments for Flywire said.
“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.”
In Vietnam, the prime minister and the State Bank of Vietnam are increasingly promoting digitisation, Flywire explained in a statement, with a focus on facilitating non-cash payments and streamlining administrative procedures.
“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,” a VPBank spokesperson added.
