MB leads the future of digital banking with BAAS model

Within the framework of the event Banking Digital Transformation Day 2024 with the theme "Expanding connections and developing digital ecosystem", Military Commercial Joint Stock Bank (MB) once again affirmed its leading position in the field of digital transformation when sharing about the journey of implementing the breakthrough BaaS model. Banking Digital Transformation Day 2024 - Opening a new digital era This morning (May 8), the Banking Digital Transformation event 2024 with the theme "Expanding connections and developing the digital ecosystem" chaired by the State Bank of Vietnam (SBV) officially opened with many attractive activities. This is the biggest event of the year related to the digital transformation of the banking industry, inheriting the theme "Application of population data in banking activities - a driving force for digital transformation" of Banking Digital Transformation Day 2023. On the side of the Military Commercial Joint Stock Bank (MB), the event had the participation of Mr. Luu Trung Thai - Chairman of the Board of Directors of MB and Mr. Vu Thanh Trung - Member of the Executive Board. At the forum, Mr. Vu Thanh Trung shared about MB's vision and strategy for banking development in the digital era, demonstrating the connection and orientation towards the goal of national digital transformation. Mr. Trung said that MB is one of the pioneering banks applying the BaaS (Banking as a Service) model in Vietnam. BaaS marks an important step in the digitalization of the banking industry, helping financial institutions flexibly connect with partners through APIs, thereby directly providing digital financial services on the partners' own platforms. This model helps remove barriers in providing banking products and services, creating convenient and equal access to modern financial services for all customers, even in remote areas. The digital ecosystem covers more than 1,000 APIs As one of the pioneering banks applying BaaS in Vietnam, MB is proud to contribute to creating a comprehensive and inclusive digital financial ecosystem. On the MB BaaS platform, a series of financial services from opening accounts, saving to payment, insurance, lending and investment are seamlessly integrated on the mobile applications of partners. With just a few simple operations on the phone, customers can fully experience the utilities throughout their financial journey. The basic and essential services that MB provides to customers through BaaS include: receiving real-time account balance fluctuations right on the business system, supporting collection/payment, accepting static/dynamic QR code scanning payments from all banking Apps in the Napas alliance, and collection via identified accounts for securities companies, insurance companies, and B2B businesses. In addition, MB is also ready to provide other advanced services on the partner platform such as savings, deposit certificates, consumer loans, credit cards and many other services.

Possessing the most diverse APIs, with more than 1000 APIs from opening dynamic VietQR, accounts, applications, online loans, savings to collection/payment, MB has coherently combined its services with more than 500 businesses, including leading names such as WinCommerce, THMilk, VietNamAirlines, Momo, Zalopay, Vetc, Epass, Thegioididong, bringing optimal operating experience to businesses and convenience to consumers when shopping. With MB's BaaS service, the business system will be directly integrated with the bank's system in the shortest time (from 2 weeks to 1 month) with the cheapest cost. In particular, to support and promote the strong development of logistics businesses on the seaport platform, MB is strongly providing VSL online payment gateway service. This payment method focuses on the application of blockchain in authenticating international letters of credit (L/C), solving the problem of cashless transactions, supporting shipping lines, transportation companies, seaports, and payment enterprises, helping to quickly authenticate delivery, reduce operating costs and processing time. VTOS and VSL, Vietnam's digital seaport platform, have been honored by the Government and the Ministry of Information and Communications at the Bronze Award for Make In Vietnam Technology Products 2023, deployed at 25 ports, 150 shipping lines, and more than 1,000 transport units. In addition, MB also pioneered in expanding the BaaS ecosystem globally through cooperation with international partners such as UnionPay and NAPAS. This allows MB to provide convenient and secure cross-border payment solutions, promoting trade and developing the country's economy in the context of integration.

Aspiration to lead the digital future To successfully deploy the BaaS model, MB focuses on developing a solid, secure, and scalable internal technology platform. At the same time, the bank also continuously updates and improves the system, upgrading the experience to best meet customer needs. Not only investing in technology, MB also devotes a lot of effort to market research, listening to customers, thereby creating products suitable for each target group. With the philosophy of "taking customers as the center, taking customers' customers as the center", each solution MB offers comes from understanding and sincere concern for the interests of users. It can be said that MB's journey to conquer BaaS is a vivid demonstration of the bank's aspiration to lead change. Through creating an inclusive, transparent and safe digital financial ecosystem, MB hopes to spread good values, improve the quality of life and promote economic development. This is completely in line with the spirit of the Banking Industry Digital Transformation 2024 event, aiming to spread the positive results of the banking industry in digital transformation, contributing to strongly promoting national digital transformation, as well as positively contributing to the country's socio-economic development. Source: https://nhipsongkinhte.toquoc.vn/mb-dan-dat-tuong-lai-ngan-hang-so-voi-mo-hinh-baas-20240508142631216.htm