VPBank and LOTTE C&F will focus on discussing and researching feasible solutions to create smart financial products, enhance experiences and increase prosperity values ​​for LOTTE Vietnam's loyal customers. Accordingly, VPBank and LOTTE C&F plan to cooperate in developing and managing co-branded card products and buy-now-pay-later services to meet the needs of LOTTE customers. With these products and services, customers are privileged to make consumer purchases in the form of buy-now-pay-later, with additional solutions to balance their personal financial capacity.

In addition, VPBank and LOTTE C&F focus on providing specialized digital financial solutions using the technology platforms and ecosystems of the two units. VPBank and LOTTE C&F will deploy account services and cooperate in developing digital products: such as online banking platforms, mobile banking applications, e-wallet services, digital payment gateways, banking as a service (BaaS) and virtual credit cards to support the LOTTE Ecosystem.

The signing ceremony of the cooperation agreement between VPBank and LOTTE C&F is also a premise for the two units to maximize their strengths, contributing to enhancing their competitive position in the market. Accordingly, VPBank will provide comprehensive financial solutions to bring stable resources to help businesses in the LOTTE ecosystem in Vietnam achieve their strategic goals. LOTTE C&F will connect and support the promotion of VPBank's financial products and services to LOTTE's member companies in Vietnam, helping the bank expand its network of operations and promote the scale of increasing market share in the FDI customer segment.

Speaking at the signing ceremony, Mr. Kamijo Hiroki - Deputy General Director of VPBank affirmed: "As a leading multi-functional bank in terms of innovative implementation capacity and value creation through comprehensive financial solutions with the combined strength of the ecosystem and application of advanced technology, VPBank believes that it will bring specialized and outstanding financial products and services to LOTTE customers. The signing of the cooperation agreement with LOTTE C&F is part of VPBank's development strategy for the FDI customer segment and is also a clear demonstration of the determination to accompany the implementation of the business strategy of both parties, creating synergy, bringing more prosperity values ​​to businesses and customers".

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Representatives of VPBank and LOTTE C&F signed a cooperation agreement

At the event, Mr. Shigemitsu Satoshi/Shin Yoo-yeol - CEO, LOTTE Financial Corporation Japan shared: “We are developing a deferred payment utility and trying to support LOTTE Group companies to contribute to Vietnamese society. In the future, we want to build a business ecosystem that promotes cooperation with many sales partners. To expand the ecosystem, in addition to LOTTE Group companies, we are approaching Vietnamese, Japanese, and Korean companies. We look forward to providing services to customers through this ecosystem together with VPBank - a bank with high expertise in personal finance and digital financial services and believe that this is the right partner”.

In the context that FDI capital inflows into Vietnam are forecast to increase sharply in the coming time, VPBank has identified FDI as a potential customer group with high growth prospects. As a bank with the leading charter capital in Vietnam and an ecosystem spanning from consumer finance, securities to insurance with a modern technology platform, VPBank is holding many advantages to bring comprehensive and superior financial products to optimally meet the needs of FDI customers. One of the typical products designed specifically for VPBank's FDI customers is Supply Chain Finance, providing supply chain financial solutions for distributors and suppliers of key international customers (Anchor Clients). This is a superior strength of VPBank with over 10 years of implementation experience based on technical advice and support from the international financial institution IFC as well as a close relationship with strategic shareholder SMBC (Japan).

LOTTE C&F is a company invested by LOTTE Financial Corporation (Japan) and LOTTE Capital (Korea), established in April 2023 in Ho Chi Minh City. The company focuses on providing “Buy Now Pay Later” utilities, a shopping utility that allows consumers to buy now and pay later. In the near future, LOTTE C&F will also launch projects to build the LOTTE ecosystem with the group's key subsidiaries operating in Vietnam.

VPBank is one of the largest joint stock commercial banks in Vietnam with a history of more than 30 years of establishment and development. With a multi-industry development strategy, VPBank provides comprehensive financial services, from retail banking to investment banking, for both individual and corporate customers. VPBank has been affirming its position through the application of technology in business operations, from digital banking solutions to large-scale digital transformation projects.

Phuong Dung