Shinhan Bank Vietnam forms strategic alliance with VNPAY — JCB and UnionPay added from April 13, cashless support for Japanese tourists and SMEs advances at once across 6,000 POS locations

Shinhan Bank Vietnam signed a strategic alliance on April 8, 2026 with VNPAY (Vietnam Payment Solution Joint Stock Company), one of Vietnam's largest payment providers. Starting April 13, JCB and UnionPay International will be added to the POS network, and combined with the existing Visa and Mastercard, this will achieve integrated payments across four brands. Since launching its POS service in April 2025, Shinhan Bank has already built about 6,000 payment-accepting locations nationwide, and this alliance will bring all of these locations up to speed on "cashless support for foreign tourists" at once. For Japanese tourists, this marks a turning point in which the range of places where JCB card payments are possible expands dramatically.

The starting news: integrating not just "Visa and Mastercard" but also "JCB and UnionPay"

Shinhan Bank Vietnam's Deputy CEO Ryu Je Eun said in a statement, "Vietnam is undergoing a strong shift toward cashless payments. Through our collaboration with VNPAY, we will realize a seamless payment experience." The two companies aim to build a comprehensive digital payment ecosystem, and integrating four brands carries the following significance.

• Adding JCB: strengthening payment support for Japanese tourists and Japanese company staff posted in Vietnam
• Adding UnionPay: supporting tourists from China and Southeast Asia, and overseas Chinese customers
• Existing Visa and Mastercard: continued coverage of tourists from Europe, the US, and elsewhere globally

Scale of the alliance: Shinhan's 6,000 locations x VNPAY's nationwide network

The alliance targets SMEs and sole proprietors as its primary focus, and will support optimizing sales processes and digitalizing tax filing procedures. It also explicitly aims to strengthen support for foreign customer segments such as tourists and international trading companies, and, especially ahead of the 2027 APEC summit, alongside Vietnam's new e-commerce law taking effect in July, it will be a major measure in the "cashless and digital transformation" push.

Impact on Japanese tourists and Japanese companies: an era where "JCB cards can be used normally in Vietnam"

Until now, stores in Vietnam that accepted JCB were limited, and Japanese tourists had to rely on Visa or Mastercard as well. The Shinhan Bank x VNPAY alliance is expected to bring the following changes.

• Rapid growth in JCB-accepting merchants: JCB payment support will begin at 6,000 Shinhan POS locations, expanding the range of use at small restaurants and retail stores
• JAL card and ANA card holders: JCB-branded travel cards will become "normally usable" in Vietnam
• Japanese company staff posted or traveling on business: while using JCB Gold Card airport lounges and included insurance, local payments can also be completed with JCB
• UnionPay support: for Chinese visitors, this also opens up opportunities at Japanese restaurants and hotels that target foreign customers

Industry and local reaction: "JCB is finally becoming normal in Vietnam"

• "The problem of JCB not being usable in Vietnam has long been a complaint among Japanese tourists. Supporting it at 6,000 locations through this alliance is groundbreaking" (a member of the Japanese community association in Vietnam)
• "The speed at which Shinhan Bank built 6,000 locations in the year since launching its POS business in April 2025 is exceptional for a foreign bank. Its partnership with VNPAY will accelerate this further" (industry analyst)
• "UnionPay support, making in-store operations targeting Chinese tourists — previously only achievable through Shopee or TikTok Shop — much easier" (restaurant chain)
• "For small businesses, integrated four-brand POS can consolidate what used to be three separate payment terminals into one. Infrastructure costs drop significantly" (SME owner)

What Japanese companies' Vietnam market entry staff should do

For Japanese companies pursuing entry into Vietnam, the Shinhan x VNPAY alliance carries the following implications.

• Restaurant and retail store operators: switching to Shinhan PassPOS / VNPAY SmartPOS lets them introduce integrated four-brand payments, capturing cashless demand from Japanese and Chinese customers all at once
• E-commerce operators: integrating VNPAY's payment gateway into their site could increase orders paid via JCB and UnionPay
• B2B companies: more payment options for procurement and supplier payments, allowing optimization of currency risk and fees
• Japanese banks' Vietnam entry staff: for the Vietnam subsidiaries of MUFG, SMBC, and Mizuho, Shinhan's move serves as a benchmark case
• OEM and food manufacturers: for those considering D2C sales, supporting e-commerce payments via VNPAY is becoming essential

Industry ripple effects: intensifying competition with VPBank, MoMo, and Cake by VPBank

Vietnam's digital payment market is seeing rapid moves from each player, such as Cake by VPBank's same-day receipt for GlobalX international remittances and MoMo seeking strategic investors (valuation over $2 billion). The Shinhan x VNPAY alliance has become a typical example of a foreign bank teaming up with a major domestic fintech amid this second wave of digitalization.

The competitive landscape is as follows:

Practical information and contact

Summary: "JCB usable normally in Vietnam" will change how Japanese companies operate locally

The Shinhan Bank x VNPAY alliance brought a groundbreaking "integrated model of a foreign bank plus a domestic fintech" to Vietnam's cashless payment infrastructure. Beyond improving convenience for Japanese tourists and JCB users, it will greatly simplify payment operations at Japanese companies' local stores in Vietnam.

As a concrete next action, Japanese companies operating stores in Vietnam should immediately consider introducing Shinhan PassPOS or VNPAY SmartPOS. E-commerce operators, the sound move is to integrate the VNPAY payment gateway early. With foreign tourist numbers set to surge ahead of the 2027 APEC summit, supporting JCB and UnionPay is likely to become the baseline for competitiveness.