Developing digital financial services for a non-cash society

Duong Thanh Long, general director of VNPT-Media Corporation, and Nguyen Thanh Nhung, general director of VietBank, signing the agreement

To catch up with the global development trend and the government’s policies on Industry 4.0, Vietnam Posts and Telecommunications Group (VNPT) has transformed itself into a digital services provider from its original telecommunications services. The group targets to become the leading digital services provider in Vietnam.

In order to implement this target, digital financial and fintech service (DFS) is one of the four major pillars that VNPT will focus on. One year ago, VNPT-Media Corporation, a subsidiary of VNPT, was granted the certificate to operate intermediate payments and released a number of services, including e-payments, bill payments, and e-wallet on the vnptpay.vn system. This marked VNPT’s entry into e-payment, one of the most potential digital services in the 4.0 era.

Yesterday, on August 28, VNPT-Media and VietBank (Vietnam Thuong Tin Commercial Joint Stock Bank), a subsidiary of Hoa Lam Group, have just signed a co-operation agreement in the fields of healthcare, pharmaceuticals, finance-banking, and investment. This co-operation will create comfortable services and products, along with increasing benefits for customers, to further a non-cash society.

Accordingly, VietBank’s clients could easily pay online for train/air tickets, shopping, and invoices, among others. VietBank was evaluated as on of the most stable and best performing banks in Vietnam, and the two sides will develop other services, such as credit scoring and credit loans, based on their data and technology foundations.

Huynh Quang Liem, deputy general director of VNPT cum chairman of VNPT-Media, confirmed: “Based on the two sides’ large customer base and wide sales network, this co-operation will surely increase the performance of our operations as well as contribute to the development of the digital economy.”

Nguyen Thanh Nhung, VietBank’s general director said: “VietBank serves hundreds of thousands of clients and has tight regulations, experience in risk management, great liquidity, and anti-money laundering measures in place. In collaboration with VNPT-Media, we will use all of our advantages to expand the distribution network, strengthen the multi-faceted co-operation, and benefit both sides.”