PVcomBank and Vietpay Technology enter comprehensive cooperation

PVcomBank and Vietpay Technology Co., Ltd. marks comprehensive cooperation

This is a step for PVcomBank on the digital transformation journey and the cashless policy of the government and the State Bank of Vietnam.

Operating in the financial sector, Nexxo Ventures Ltd. is present in many countries and regions around the world.

In Vietnam, Nexxo Ventures entered the market in 2021 by establishing Vietpay Technology Co., Ltd. (headquartered in Ho Chi Minh City).

Vietpay joins the market with the aim of creating fintech, banking, and financial services, as well as cooperation opportunities to enhance operational efficiency for individual customers and small- and medium-sized enterprises.

Meanwhile, PVcomBank has strengthened its position in domestic and foreign markets. Many financial institutions and large organisations and corporations choose PVcomBank as a partner.

Vietpay and PVcomBank signed the strategic cooperation agreement in the field of payments and card issuance in the Vietnamese market to meet the former’s customer needs.

PVcomBank will be the supplier while Vietpay is the management system operator to provide products to customers, including a card management system, a merchant management system, and a terminal management system.

Vietpay will also be the product management unit, taking care of customers during the programme's implementation.

For its part, PVcomBank will operate, manage, and provide systems that can be applied to Vietpay in a professional manner, meeting usability standards and maintaining the data system.

PVcomBank will also provide technical advice and training to Vietpay's technicians on the system to help the company handle emergency situations during and outside office hours, thereby improving the customer service quality.

In addition, the two sides will work together to deploy the construction of network infrastructure and secure communication interfaces for processing operations and other related purposes within the cooperation framework through the different systems.

“The strong development of technology and the explosion of e-commerce activities in recent years are favourable conditions to exploit the payment and card products which is a potential market,” said Nguyen Viet Ha, deputy general director of PVcomBank. “With the brand value of PVcomBank, the support of the parent company - Nexxo's financial potential in general and Vietpay's ability to meet the market in particular, I believe that the two sides will soon achieve success in the cooperation”.

Nebil Ben Aissa – general director of Vietpay, said: “We are bringing the latest and most advanced systems in Fintech, as well as decades of experience and hundreds of employees working across many international countries into the partnership with PVcomBank to help millions of small business owners in Vietnam. With the help of PVcomBank and Vietpay technical expertise, we are confident that we can make a positive impact to the local small business owners.”

The majority of Vietnamese choose to use card payment method today - especially young people because it is suitable for a modern lifestyle, with high safety and security. Payment by card is not only fast, convenient, widely used in stores, supermarkets, commercial centres, entertainment, but can also be used for online payments.

Thanks to that versatility, card payments are becoming more and more popular trend. In addition, when people's income increases, the demand for shopping and tourism is also growing, requiring a high convenient, fast and safe payment method.

The cooperation between PVcomBank and Vietpay aims to develop more new card products to meet the needs of the market and customers, and at the same time, comprehensively upgrade payment features as well as card products system at PVcomBank.

In the wave of promoting cashless payment as well as financial technology products and services, in addition to the bank’s current card products such as cashback, travel and shopping, the bank is constantly trying to catch up with the trend, giving customers the best experience, closest to their personal needs, thereby enjoying the maximum benefits and utilities in life.