Vietcombank and VNPAY sign comprehensive cooperation agreement
Báo Đại biểu Nhân dân•11/05/2024
Accompanying the country in carrying out the task of national digital transformation, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam Payment Solutions Joint Stock Company (VNPAY) signed a comprehensive cooperation agreement. Accordingly, Vietcombank and VNPAY will strengthen extensive cooperation, optimally exploiting the strengths and potentials of each party on the basis of current legal regulations.
Over the years, Vietcombank and VNPAY have been cooperating extensively in all service areas that are the strengths of both sides; especially the cooperation in developing the VCB Digibank/VCB Digibiz digital platform, creating a digital channel for nearly 13 million individual customers and more than 150,000 SME customers who regularly use it. The two sides have cooperated to deploy intermediary payment services, connect VNPAY's QR Code ecosystem, electronic invoice services, etc. At the signing ceremony, Mr. Tran Tri Manh, Chairman of the Board of Directors of VNPAY, believed that the comprehensive cooperation between Vietcombank and VNPAY not only brings benefits to both Vietcombank and VNPAY but also brings good values to society, so that technology will change life, making life simpler. In the coming time, VNPAY will focus on developing AI technology and investing heavily in security technologies.
Vietcombank General Director and VNPAY Chairman of the Board of Directors signed a strategic cooperation agreement. Photo: Vietcombank
Emphasizing the significance of the comprehensive cooperation agreement between Vietcombank - VNPAY, Mr. Nguyen Thanh Tung, General Director of Vietcombank, said that this is an important milestone in the cooperative relationship between Vietcombank and VNPAY, opening a new stage of development. Promoting the strengths of each party in the fields of operation, with resources and mutual understanding, VNPAY and Vietcombank are aiming for a common goal of better serving customers, contributing to creating new products, increasing utilities for society, and promoting the progress of national digital transformation. After more than 60 years of construction and development, Vietcombank has affirmed its position as the number one commercial bank in Vietnam, with a capitalization value of over 20 billion USD, the largest among credit institutions in Vietnam, in the group of 100 listed banks with the highest capitalization in the world. In 2023, Vietcombank will maintain its position as one of the banks with the largest credit balance in the industry, with credit growth of 10.6% compared to 2022; credit quality continues to be well controlled, with the bad debt ratio at 0.99%, significantly lower than the assigned plan. With the motto of action "Transformation - Efficiency - Sustainability" and the management philosophy of "Responsibility - Decisiveness - Creativity", in recent times, Vietcombank has been the only representative of Vietnam in the Top 1,000 largest listed enterprises globally (by Forbes); Top 2 banks with the highest brand value growth globally (according to Brand Finance) and the unit with the largest brand value in the banking industry in Vietnam (according to Forbes Vietnam). For many consecutive years, Vietcombank has been a major contributor to the state budget, voted as a typical enterprise for employees, the bank with the best working environment in Vietnam; received many noble titles and awards, recognition at home and abroad. In particular, in 2023, Vietcombank was honored to be awarded the title of Labor Hero by the State. Established in 2007, VNPAY has become a leading company in the field of electronic payments in Vietnam. Along with mastering many core technologies of the 4.0 Revolution, VNPAY aims to develop payment services, software solutions, modern, safe and convenient banking and financial technology, meeting the needs of customers and partners. With the right steps and strategies, along with persistent efforts and constant creativity, VNPAY has been continuously recognized through 2 honors of receiving "Vietnam National Brand" and many other awards such as Top 10 Information Technology Enterprises 4.0, recognized as a typical Fintech Enterprise, Top 10 Sao Khue - electronic payment field, Top 10 typical Enterprises with happy human resources... On the basis of this comprehensive cooperation agreement, Vietcombank will consider expanding cooperation in products and services applying new technology of VNPAY, in line with Vietcombank's business orientation. VNPAY will prioritize expanding the use of Vietcombank's services such as payment, cash flow management, investment banking, international finance - trade finance, foreign exchange, capital market.
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