However, even though this is a 7.6 percent drop from last year’s $17 billion, Vietnam will remain the ninth biggest remittance beneficiary in the world.

Overseas remittances are expected to fall short of the target this year due to the economic crisis caused by the COVID-19 pandemic and shutdowns around the world.

The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

Oriente will use the money to boost its growth in existing markets and further new developments in places like Vietnam.