The co-operation signing ceremony between Visa and SmartPay to provide digital payment solutions to MSMEs. — Photo Courtesy Visa Vietnam Visa has announced a partnership with SmartPay, a leading Vietnamese fintech company, to spread digital payment solutions to Viet Nam’s micro, small and medium-sized enterprises (MSMEs). Together, Visa said, the two companies will empower MSMEs with essential tools, such as point-of-sales (POS) terminals, that they need to compete in the burgeoning digital payment era. “A lack of infrastructure, especially POS terminals, is becoming a profound challenge for MSMEs to keep up with the digital transformation taking place in Viet Nam. Demand for POS devices in the second quarter of 2022 was about 1.2 million devices, and SmartPay’s goal in the next three years is to provide 325,000 POS devices, or nearly 30 per cent of the total market share,” said Marek Forysiak, SmartPay’s Chairman. “This partnership is part of the broader effort of Visa and … [Read more...] about Visa partners with SmartPay to provide digital payment solutions to MSMEs
Walmart visa gift card customer service
VPBank meeting the needs of foreign customers
VPBank’s Mochizuki Masashi (centre) received a trophy at last week’s investment conference hosted by VIR Foreign customers of VPBank can now enjoy more corporate financial services, at the same time being indirectly supported to retain talent through specialised financial products and solutions which are designed to bring their staff the best financial service experience and satisfaction. At VIR’s investment conference last week, Mochizuki Masashi, head of the FDI Centre at VPBank, said that in an effort to expand the foreign customer segment, banks not only provide capital or cash flow management services, as well as revenue and expenditure management for foreign-invested enterprises (FIEs) operating in Vietnam, but also have to meet the financial needs of their employees at different levels. Masashi delivers his remarks at the investment conference in Hanoi As per Masashi’s account, these needs are diverse, from setting up accounts and opening credit cards to … [Read more...] about VPBank meeting the needs of foreign customers
Sacombank offers rapid international money transfer via SWIFT Go
Sacombank has deployed the SWIFT Go overseas money transfer service with quick procedures and low fees to meet the needs of individual and corporate customers. — Photo courtesy of the bank Sacombank has rolled out the SWIFT Go overseas money transfer service for individual and corporate customers with quick procedures and low fees. It enables transfers of US dollars of up to US$10,000 to pay overseas suppliers and for overseas studies and medical treatment and others as permitted by regulations. Overseas beneficiaries can receive the money at Sacombank’s associated banks within four hours of transfer. SWIFT Go is a service provided by the Association for Worldwide Interbank Financial Telecommunication, or SWIFT as it is commonly known, that enables banks to look up and update payment processing information in real time. It has created a new standard in international payments with outstanding features such as time and cost savings and faster processing speed. The … [Read more...] about Sacombank offers rapid international money transfer via SWIFT Go
Cake digital bank wins innovative product award
The award was based on votes by the judging panel including regulatory agencies, and experts in finance, banking and IT. The event is a prestigious one in Vietnam’s finance and banking sector, which has been running for 11 years. "The milestone has proven the technology and innovation capabilities of Cake by VPBank," a bank representative said. Last year, digital bank Cake collaborated with Be, the on-demand multi-service consumer platform, in releasing a co-branded credit card offering cashback of up to 20% and attractive payment experiences to customers. Previously, this product also received the "Pioneering Digital Partner in Rapid Credit Card Issuance" award from VISA. With Cake’s technology platform, online registration of the credit card is approved within minutes. The cardholders can shop online immediately while waiting for their physical card. Cake is one of a few digital banks capable of issuing international credit cards within the second year of operation. With the … [Read more...] about Cake digital bank wins innovative product award
Mcredit wins ‘Best Consumer Finance Company’ once again
The esteemed accolade was presented by The Global Economics (TGE) magazine at The Global Economics Awards, an annual event to acknowledge and honour businesses around the world who have performed exceptionally in various sectors including banking, finance, real estate, insurance, energy, and technology. Mcredit had to undergo a rigorous evaluation process based on TGE’s comprehensive review criteria such as customer feedback, market access methodology, product and service quality, interface and application usability, innovation, as well as growth targets. With its customer-centric business philosophy, Mcredit understands customers' needs and difficulties when it comes to consumer loans and continually improves and develops its smart financial solutions to help people access capital quickly and conveniently. Common obstacles encountered by customers, such as difficulties in proving financial status, dealing with complex and drawn out inquiries, and the desire to … [Read more...] about Mcredit wins ‘Best Consumer Finance Company’ once again
The West’s Vietnamese residents battle living cost spikes
Huan has also had to sell his car after gasoline prices surged. "When the price of gasoline dramatically surged, the price of everything went up," he said. "A dozen eggs used to sell for around US$1.80, but then it doubled and tripled before settling on around US$2-3 now." A woman is shopping at a local market in Nice, France on June 7, 2022. Photo by Reuters Van Lam, a Vietnamese restaurant owner in Germany, has experienced the same problem. "I used to live comfortably spending around 500 euros a month," he said. "But now, I have to spend between 800 and 900 euros, or even up to 1,000 euros, to maintain that quality of life." For Thu Hong, a Vietnamese nail salon owner in the U.S., things have not been any different: "Prices of everything have gone up," she said. U.S. prices of goods and services are currently 8% higher than they were last year, according to a recent CNBC report. Combined with decreased incomes post-pandemic, analysts and everyday people … [Read more...] about The West’s Vietnamese residents battle living cost spikes
HDBank contributes to development of Ho Chi Minh City
Established in 1990, HDBank is one of the first joint-stock commercial banks in the country established under the policy of reforming the economic management mechanisms of the Party and the state. Implementing the resolution of the sixth Party Congress, Ho Chi Minh City changed from a centrally planned economy to a socialist-oriented market economy. HDBank was established with the initial mission of housing development and urban embellishment, contributing to the development of a civilised and modern Ho Chi Minh City. HDBank has consistently followed the renovation process of Ho Chi Minh City in particular and the country in general. In 2011, with a broader vision after 22 years of operation, the bank decided to change its name to Ho Chi Minh City Development Commercial Joint-Stock Bank to implement a new development strategy for the new era. In 2013, HDBank made a mark on the market as the first case of a voluntary merger of a healthy bank, Dai A Commercial Joint-Stock Bank, … [Read more...] about HDBank contributes to development of Ho Chi Minh City
California Fitness spends $25 million on Vietnam market operations
California Capital Building and California Sky City Tower will be renewing their lease contracts in Hanoi. The decision to preserve the gold position for these centres marks an important milestone, demonstrating the shared vision and values between California Fitness and its partners. The signing ceremony to renew the space lease contract between California Fitness and its partners took place on May 26 at California Sky City Tower in Lang Ha, Hanoi This ensures that California will continue to maintain a high-quality facility that promotes a sense of community, enhances motivation, and supports the personal growth of its members. The move affirms California Fitness's dedication to creating the ultimate fitness experience at every level, from beginners to experienced athletes. Dane Fort, general director of FLG Vietnam, which owns the California Fitness brand, said: "California Capital Building and Sky City Tower are two of our oldest clubs. The lease term at … [Read more...] about California Fitness spends $25 million on Vietnam market operations
Series of events scheduled to foster cashless payment
Pham Anh Tuan, director of the Payment Department under the State Bank of Vietnam, speaks at the press conference to announce the 2023 Cashless Day in HCM City on May 26. (Photo courtesy of the organisers) HCM City (VNS/VNA) - A series of events and activities will be held under the 2023 Cashless Day to promote the adoption of non-cash payment and contribute to achieving the Government’s plans to drive Vietnam towards a cashless society. They include a "Cashless Day" national seminar on June 16 that will discuss enhancing data connectivity to promote smart payments, security issues in payment activities and payment technology, and a competition entitled “Chien than khong tien mat” (Great warrior of cashless payment) from June 16 to July 15. The highlight of Cashless Day this year is Cashless Town Festival from June 16 to 18 in Ho Chi Minh City. The festival is organised according to a miniature cashless society model, in which visitors shop and enjoy dining and … [Read more...] about Series of events scheduled to foster cashless payment
Cashless Day 2023: digital payments drive financial transformation
Pham Anh Tuan, head of the Payment Department at the State Bank of Vietnam (SBV), revealed at the “Cashless Day 2023” on May 26 that the SBV, with the Ministry of Public Security, will spearhead the National Digital Transformation Project for Population Data, Identification, and Electronic Authentication. This venture, set to unfold between 2022 and 2025 with a forward-looking vision extending to 2030, will be dedicated to harnessing the power of data analytics, citizen profiling, and cutting-edge electronic verification processes to propel the nation's digital evolution. “Of particular focus will be the synergistic utilisation of the national population database to refine customer data, amplifying its efficacy and fortifying the operational frameworks within the banking sector,” Tuan shared. The latest statistical insights from the SBV illuminate a positive trajectory, with non-cash payments registering continuous growth during the initial quarter of this year. Transactions … [Read more...] about Cashless Day 2023: digital payments drive financial transformation