MB leads comprehensive digital transformation with BaaS

MB provides flexible BaaS digital financial solutions for businesses, with more than 1,200 APIs and an integration time of only 3 weeks. BaaS helps optimize cash flow management, ensure information security and save costs. On a hot autumn afternoon in Hanoi, Le Minh Anh, 32 years old, owner of a chain of young fashion stores, was busy preparing to expand her online business. "I need a flexible and secure payment solution for my online store," she shared. That was when she discovered the Banking-as-a-Service (BaaS) service of the Military Commercial Joint Stock Bank (MB). BaaS - A strategic spearhead in the digital banking era of MB BaaS, a relatively new concept in Vietnam, is quickly becoming a bright spot in MB's digital transformation strategy. Mr. Vu Thanh Trung - Vice Chairman of MB's Board of Directors explained: "BaaS is a model that allows third-party partners to connect to the bank's system via API to directly provide financial and banking services to customers on that partner's application/platform system."

MB's BaaS service allows financial institutions to flexibly connect with third-party partners through APIs, thereby providing digital financial services directly to end customers on the partner's platform. Currently, MB has the most diverse number of APIs in the market with about 1,200 APIs, allowing customers to optimize cash flow management with absolute security. "Partners, whether large or small, when integrating banking services into that partner's platform, we also commit to a quick integration time of up to 3 working weeks," Mr. Trung affirmed.

"This saves me a lot of time and money," Minh Anh commented. "I can focus on product development and customer care without worrying about complicated payment issues." To date, MB has deployed BaaS services with more than 1,000 businesses in all fields: retail, logistics, payment intermediaries, hospitals, schools, manufacturing, etc. It is expected that by the end of 2024, transaction turnover via MB BaaS services will exceed VND500,000 billion, continuing to maintain its position as the leading bank in deploying this service in Vietnam. Challenges and opportunities in the digitalization journey However, the pioneering path is not without challenges. Observers say that ensuring network security and information security in an open ecosystem like BaaS is a big challenge, banks face the risk of increasingly sophisticated and complex cyber attacks. In response to these concerns, MB has invested heavily in security technology and strictly complied with the regulations of the State Bank. The bank applies multi-layered security measures, including end-to-end encryption, two-factor authentication, and continuous monitoring to ensure customer safety. In addition, educating and raising customer awareness of information security is also a priority of MB. The bank regularly organizes seminars and online training on information security for corporate customers using BaaS services. Forming an ecosystem through expanding cooperation and connection Grasping market trends and needs, MB has also made efforts to deploy, build and launch innovative service utilities on applications/platforms that customers use. Banking services are provided at any touchpoint where there is a need to transact with the bank in the simplest and most convenient way.

MB has coherently combined its services with more than 1,000 businesses, including leading names such as WinCommerce, THMilk , Vietnam Airlines , Momo, Zalopay, Vetc, Epass, Thegioididong,... minimizing manual reconciliation, optimizing business operations and bringing convenient payment experiences to customers. With MB's BaaS service, the business system will be directly integrated with the bank's system in the shortest time (no more than 3 working weeks) at the most suitable cost. From traditional bank to the center of the digital ecosystem MB's digitalization strategy does not stop at BaaS. This bank also recorded impressive results in card and electronic payment activities. Sharing about MB's digital transformation results, Mr. Luu Trung Thai - Chairman of MB's Board of Directors said that on August 4, 2024, MB officially reached 28 million customers. MB is also actively expanding cooperation with partners in many different fields, from e-commerce to technology transportation services. According to Mr. Luu Trung Thai, BaaS is an ideal service for chain businesses, helping to quickly automate the sales process. "This is a new and very promising direction," the head of MB shared. For Minh Anh and thousands of other small and medium-sized enterprises in Vietnam, the development of digital banking services like BaaS opens up a great opportunity to participate in the booming digital economy. "I feel like I am part of the technological revolution in the financial industry," Minh Anh shared with excitement: "This not only helps my business grow but also contributes to the overall development of Vietnam's digital economy." Source: https://nhipsongkinhte.toquoc.vn/mb-dan-dat-chuyen-doi-so-toan-dien-voi-baas-2024081910005646.htm