DongA Bank changed its name to Vikki Bank, OceanBank changed to MBV, and CB became VCBNeo. All of these banks are focusing on the goal of developing into digital banks, so why?
There has been a new move
On February 14, DongA Commercial Joint Stock Bank (DongA Bank) announced its name change to Vikki Digital Bank Limited (Vikki Bank). At the same time, the head office of DongA Bank (now Vikki Bank) will be moved to the address: 72 Ly Thuong Kiet, Tran Hung Dao Ward, Hoan Kiem District, Hanoi City.
Previously, on January 17, 2025, the State Bank of Vietnam (SBV) held a ceremony to announce the Decision on compulsory transfer of DongA Bank to Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank). After the transfer, DongA Bank will become a one-member limited liability bank, with 100% of its charter capital owned by HDBank.
According to information from the website, Vikki Bank introduces itself as the first new generation digital bank that combines advanced technology with a network of branches and transaction offices, providing a variety of unlimited banking, financial, investment, insurance, travel, shopping services... Vikki Digital Bank uses modern technology and a wide network to bring a convenient, safe and absolutely secure customer experience.
Vikki Bank's "flagship product" is the super app Vikki, an innovative product developed by HDBank and Galaxy FinX Joint Stock Company. Vikki provides free, fast and easy digital banking services, with convenient and innovative services.
Vikki Bank is not the only bank to change its name and shift to a digital banking model after being forced to transfer. Previously, OceanBank (now MBV) and CB (now VCBNeo) also took similar steps.
Since January 17, Construction Bank (CB) has officially changed its name to Digital Technology Foreign Trade Bank Limited (VCBNeo), after being compulsorily transferred to Vietcombank on October 17. At the same time, Vietcombank has sent Mr. Nguyen Manh Hung, a member of the Board of Directors, and many branch leaders to VCBNeo to take on important positions.
From December 18, 2024, Ocean Commercial Joint Stock Bank (Ocean Bank) has also changed its name to Modern Bank of Vietnam (MBV). This took place after OceanBank was transferred to MB and became a new member of MB Group on October 17, 2024.
Currently, only GPBank has not changed its name and announced a new development strategy after being forced to transfer to VPBank.
Why the policy of becoming a digital bank?
With about 70 million Internet users, accounting for 70.3% of the population, Vietnam currently ranks 12th in the world and 6th in Asia in terms of the number of Internet users. According to statistics from Statista, Vietnam is also in the top 5 countries with the most digital assets globally in 2021.
According to data from the State Bank, by the end of 2024, Vietnam had more than 200 million personal payment accounts and recorded more than 17 billion cashless payment transactions in 2024, reflecting the strong growth potential of digital banking in this country.
Digital banking is no longer a strange concept to Vietnamese people in the era of digitalization 4.0. According to information from the State Bank, by 2021, more than 42% of banks said that developing digital banking is a long-term goal in the following years.
However, digital banks in Vietnam are currently still mainly in the transition phase with traditional banks, with most of them built on the existing foundations of traditional banks, focusing on developing technology to bring convenience to customers in transactions through digital banking applications.
By regulation, each digital bank must have the sponsorship of a traditional bank in Vietnam. Thanks to resources such as transaction networks, customer bases, and support from parent banks and the State Bank, these banks can easily transform themselves into modern digital banks, helping to expand and strengthen the presence of their parent banks.
HDBank's leaders said that the bank will focus its resources and restructuring experience to accompany Vikki Bank in consolidating operations, overcoming existing problems and building a bank with stable finances and sustainable development, while protecting the rights of employees and bringing benefits to customers and partners.
MBV, after the name change, also committed to providing innovative and flexible financial solutions, helping customers make the most of opportunities in the context of digital transformation in Vietnam. At the conference to deploy VCBNeo's 2025 mission, Vietcombank leaders shared some positive solutions for VCBNeo after receiving the transfer and outlined future development directions.
Mr. Nguyen Thanh Tung, Chairman of the Board of Directors of Vietcombank, emphasized that VCBNeo will have to solve many problems in the short and medium term, and affirmed that Vietcombank will provide maximum support to VCBNeo in the new development phase.
Source: https://baodaknong.vn/tai-sao-3-4-ngan-hang-chuyen-giao-bat-buoc-lai-thanh-ngan-hang-so-243043.html
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