This is the third time in a row that MB has been honoured in this award category, recognising the bank's continuous efforts in recent years in trading and providing derivatives products in the Vietnam market.
In 2021, the scale of its portfolio and position in the market, the fast and powerful digital transformation process, and the high-quality human resources are the highlights that made MB be selected for the above-mentioned prestigious award, according to the evaluation of The Asian Banker.
With a large portfolio and diverse product solutions, MB's interest rate and commodity derivatives business line has long been considered the top choice in the market for many years.
The bank's revenue from foreign exchange and derivatives has grown constantly by an average of 40 per cent in the last three years, while the foreign exchange market share remained competitive among the top five financial institutions in Vietnam.
Considering the awards based on the bank's results in 2021, The Asian Banker highly appreciates MB's digital transformation achievements.
In 2021, MB's digital transformation imprint was clearly depicted and expressed through figures, such as 258 new features on the MBBank App and 391 million transactions on the digital channel. In 2021 and H1/2022, the cumulative number of customers on the digital channel reached 10.5 million users.
Particularly, one of the bright spots in the digital transformation of MB's business model was the company's foreign exchange and derivatives division.
Aware of the increasingly intense competition of the banking industry and the foreign exchange and derivatives market, MB has gradually digitalised every stage of the transaction process, offering customers more diverse, convenient, and efficient experiences.
For foreign exchange and derivatives transactions, MB is the pioneer bank to deploy these services on the MBBank App for individual customers and BIZ MBBank for corporate customers.
At the same time, MB is also the first bank to launch a Chatbot tool, helping to advise on market information as well as doing foreign exchange transactions with corporate customers automatically.
Also in 2021, the interest rate derivatives module was introduced on BIZ MBBank, making MB the first bank in Vietnam to provide OTC derivatives products on the online channel. This tool allows customers to actively monitor derivatives market fluctuations and make timely trading decisions.
|MB's digital transformation imprint was clearly depicted and expressed through figures, such as 258 new features on the MBBank App and 391 million transactions on the digital channel. In 2021 and H1 2022, the cumulative number of customers on the digital channel reached 10.5 million users. |
Besides this, MB also promotes risk prevention advice for projects and medium and long-term loans for customers.
In the commodity derivatives market, MB maintained a large trading scale on many products with strong price fluctuations in the year.
The award Best Financial Derivatives Provider in Vietnam was awarded follows a series of recognitions from The Asian Banker – the leading research magazine in Asia-Pacific on the financial-banking industry.
The award received from The Asian Banker in the pivotal year of transforming the bank's new business strategy is an important steppingstone, asserting MB’s leading position on its digitalisation journey, especially in providing financial derivatives and managing commodity prices.
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By Hien Nguyen