Vietnam’s Lien Viet Post Joint Stock Commercial Bank (LPBank) has partnered with financial software provider Finastra and NGS Equipment and Communication Joint Stock Company (NGS) to enhance its treasury operations. The move is aimed at improving the bank’s operational efficiency and governance through Finastra’s treasury solution, Kondor. The initiative is a significant step in LPBank’s strategy to digitalise all capital activities, meeting its business and risk management needs. The bank plans to streamline its services, achieving quicker market access and cost reductions. This includes upgrades in core banking, data management, payments, and omni-channel banking. Ho Nam Tien, Vice Chairman cum…
Author: Fintech News Vietnam
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The central banks of Vietnam and Cambodia officially launched a cross-border QR payment linkage between the two neighbours on December 3, 2023, at a launching ceremony in Cambodia’s Siem Reap province. The Governor of the State Bank of Vietnam (SBV), Nguyễn Thị Hồng, and the Governor of the National Bank of Cambodia (NBC), Chea Serey, oversaw the announcement of the cross-border QR payment link, reflecting a step towards improved financial integration and promoting the use of local currencies between the two countries. The event was attended by officials from both the SBV and NBC, along with representatives from local Cambodian authorities…
Insurlog, a provider of last-mile delivery insurance for e-commerce enterprises in Vietnam, has joined forces with OneDegree Global’s insurtech division IXT. This collaboration aims to offer businesses a comprehensive and integrated solution to mitigate risks along the supply chain. Through this partnership, Insurlog plans to utilise IXT’s technology to offer embedded logistics insurance products that cover risks like loss, damage, or delays in transporting goods. The alliance is expected to lead to more efficient claim processing for Insurlog’s clients. “We are excited to partner with IXT to offer our customers embedded logistics insurance products. The IXT modern core solutions…
Vietnam’s fintech unicorn MoMo and Grab Vietnam announced today that they have integrated the former’s payment solution into the ride-hailing and food delivery superapp. This will allow users in Vietnam to make cashless payments within the Grab app using MoMo’s e-wallet, linked bank accounts, and MoMo Pay Later. Early adopters who choose MoMo for payments will receive special benefits worth up to VND 100,000. Alejandro Osorio, CEO, Grab Vietnam said, “’MoMo’s entry will provide our consumers with yet another payment option, making cashless payments on the Grab app even easier for our users. As part of our continued commitment…
The Joint Stock Commercial Bank Southeast Asia (SeABank) is selling its Post and Telecommunication Finance Company (PTF) to AEON Financial Service, the financial arm of Japan’s AEON Group, for VND 4.3 trillion (US$ 184.6 million) Established in October 1998, PTF is a non-bank credit institution in Vietnam that was acquired by SeABank in 2018. After being transferred to SeABank, PTF has focused on building multiple quick forms of lending solution. PTF has a charter capital of VND 1,550 billion, with nearly 2,000 personnel, and nearly 200,000 customers across 30 provinces and cities in Vietnam. SeABank’s divestment of PTF will help…
Vietnam’s Lien Viet Post Joint Stock Commercial Bank (LPBank) has selected banking software company Temenos to modernise its core banking platform for retail and corporate banking. The new system will enable LPBank to manage customer accounts and transactions across its retail and corporate activities with improved performance and efficiency, and offer personalised products, faster and at a lower cost. The retail and corporate core banking solution for LPBank includes banking capabilities for lending and deposits, trade finance, foreign exchange, payments, data and virtual accounts. LPBank will also benefit from Temenos’ Vietnam Country Model Bank, which is pre-configured with banking capabilities…
Silverlake Axis, a fintech and digital banking solutions provider, has teamed up with KMS Solutions to enter the Vietnamese market, with Amazon Web Services (AWS) joining as its cloud partner. KMS Solutions will distribute Silverlake Axis’s flagship banking solutions, Mobius and Symmetri, as its go-to-market partner. Earlier this year, Silverlake Axis expanded its Southeast Asia footprint by partnering with Safeguards Corporation in Malaysia to launch the first Independent ATM Deployer (IAD) in the country. “The rapid growth of Vietnam’s fintech sector, fueled by the expanding middle class, tech-savvy population, and thriving e-commerce landscape presents a favourable environment for our digital…
Vietnamese fintech MFast announced that it has raised US$6 million in a Series A funding round led by Wavemaker Partners. The round was also joined by two new investors Finnoventure Fund I which is managed by Krungsri Finnovate and Headline Asia along with existing investors Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures. MFast said that it will use the new capital to expand its operations in the region by 2024. Launched in 2017 by brothers Phan Thanh Long and Phan Thanh Vinh, MFast is a financial product distribution platform that has a presence in all 63 provinces of Vietnam.…
The central bank of Vietnam has officially joined the Regional Payment Connectivity (RPC) initiative to make cross-border payments faster, cheaper as well as more transparent and inclusive. The RPC initiative, encompassing several modalities including QR-code and fast-payment based cross-border payments, was started by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand. The goal of the RPC is to make inter-country payments more seamless, convenient, and affordable, allowing individuals and businesses to conduct transactions across the ASEAN region with ease. The expansion to include the State Bank of Vietnam (SBV) was said to be a priority of the ASEAN…
Thailand’s KASIKORNBANK (KBank) is reportedly mulling the acquisition of consumer finance provider Home Credit Vietnam for up to US$1 billion, according to a Reuters report citing two sources. The bank has spoken with financial advisors, however, a final decision has not been reached as the discussions are still ongoing. KBank has been doubling down on its efforts to expand its operations in Vietnam as it aims to achieve US$400 million in net income and a customer base of 8.4 million by 2027. KBank is looking to become one of the top 20 banks in the market in terms of assets.…
In 2022, financial services emerged as the most funded startup sector in Vietnam, accounting for 38% of all venture capital (VC) investment secured by the country’s tech companies, a new report by Do Ventures and the Vietnam National Innovation Center says. A total of US$244 million was raised in the fintech sector last year, surpassing industries including e-commerce (US$204 million), healthcare (US$37 million) as well as entertainment and gaming (US$10 million). The amount represents a staggering 249% surge and see the financial services sector bucking the downturn market trend. VC funding in Vietnam witnessed a sharp decline of 56% in…
Payment giant Visa announced that it has made Apple Pay available to its users in Vietnam in a push for cashless payments in the country. Major banks such as Asia Commercial Joint Stock Bank (ACB), Military Commercial Joint Stock Bank (MB), Sacombank, Techcombank, Vietcombank and VPBank are among the card issuers who support Apple Pay at launch. To use, Visa cardholders from the participating banks simply double click and hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or…
Vietnam’s Orient Commercial Joint Stock Bank (OCB) has selected digital banking software provider Backbase to power its omnichannel banking modernisation efforts. OCB is Backbase’s fifth customer in the country. With the implementation of Backbase’s Engagement Banking Platform (EBP), OCB will have the ability to adopt and build, aligning with its modern banking culture and customer-centric approach. OCB aims to create a personalised digital banking system for each customer across all channels, by fully digitising every customer journey and touchpoint to provide seamless services via mobile apps and computer platforms. This project implementation will be led by Backbase’s partner SmartOSC, a…
Vietnam-based earned wage access startup GIMO announced that it has closed its US$17.1 million Series A funding round five months after the company secured US$5.1 million in the first close. The final closing comprised both equity and debt financing. The round was led by TNB Aura, with participation from the company’s existing backers including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator. New investors joining this round are global corporate ventures such as Genting Ventures, TKG Taekwang, George Kent and Asia-focused private credit financier, AlteriQ Global. The firm said that the fresh funds will be utilised to…
ZaloPay announced that it has become the first Vietnamese e-wallet provider to partner with Shopify, an e-commerce company headquartered in Canada. Through this partnership, ZaloPay and Shopify aim to promote the “brand.com website model” in Vietnam. This model helps businesses build their own website and contribute to expanding their sales channels besides selling through general e-commerce floors. Moving forward, businesses using Shopify to operate e-commerce sites in Vietnam can activate ZaloPay as a direct payment gateway. Le Lan Chi, General Director of ZaloPay said, “With technical resources and a large network of partners, ZaloPay wishes to become a bridge between Shopify…
UOB’s innovation accelerator The FinLab has officially launched in Vietnam where it aims to engage 5,000 local businesses over the next three years through its digitalisation and sustainability initiatives. The UOB FinLab held its inaugural programme yesterday (13 June) in Ho Chi Minh City titled “Xin Chào SMEs: Grow Your Sales through E-commerce and Digital Marketing”. It was designed to equip SMEs with the necessary knowledge and strategies to effectively adopt digital technologies to fuel sales growth and expand their customer base regionally. To better support Vietnamese SMEs, UOB FinLab will also collaborate with university professors, industry practitioners, innovation experts…
Global payments software provider OpenWay has expanded its presence in Asia with the opening of a new hub in Ho Chi Minh City, Vietnam. This latest addition marks OpenWay’s second hub in Vietnam besides the one in Hanoi. OpenWay has an extensive presence globally. It has Asian corporate hubs in Singapore, Thailand, the Philippines, Indonesia, and Malaysia. It’s extensive hub network also spans the Americas, MENA, and Europe, where its headquarters and four other hubs are located. The company provides digital payment software and cloud payment systems solutions which is being used by large financial institutions like Nexi, LOTTE, Network…
Vietnamese e-wallet M-Service which operates under the MoMo brand has begun offering its local customers monthly instalments when they make purchases at the online Apple Store. With this new feature, Vietnamese customers will have the opportunity to shop Apple’s products and use MoMo as a flexible payment gateway. Alongside a one-time payment option, customers who choose to use MoMo Instalments for Apple Store Online can also split their purchase into 6 to 24 monthly instalments with a down payment of 20% and with monthly interest rates. Do Quang Thuan, Senior Vice President in charge of the Financial Services Division at…
The Asian Development Bank (ADB) and Switzerland signed a co-financing agreement of up to US$5 million for Vietnamese fintechs focused on addressing financial inclusion in the country, particularly among small and medium-sized enterprises (SMEs). This funding, along with a US$2 million contribution from the Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of Japan, will support a technical assistance that aims to expand inclusive and climate finance in the country. This will help the State Bank of Vietnam (SBV) to strengthen the regulatory framework for digital finance, build the capacity of government and other…
Vietnam’s Techcombank has partnered with Personetics, a global provider of data-driven personalisation solutions, to introduce AI-powered money management capabilities. Through this partnership, Techcombank will offer capabilities to analyse customers’ financial transactions, aggregate bank accounts, and provide valuable insights about unexpected payments, excessive spending, and insufficient account balances. Additionally, the bank will also provide tailored suggestions on savings, asset growth, and card usage to help customers increase their financial resilience and achieve their goals independently. Techcombank had deployed these AI-powered money management capabilities in a 3-week pilot programme with 10,000 participating customers. The bank reported that it saw substantial increases in…