Hanoi(VNA) – Japanese financial service group SBIHoldings Inc. has joined up with Vietnamese information and communicationtechnology giant FPT Corp. to launch a retail point rewards programme inVietnam.
SBIspokesman Akihide Kimura said on April 18 that SBI willestablish Utop JSC with the FPT subsidiary software company to launchthe Utop point service by June this year. The local unit will be capitalisedat 3 million USD, with SBI holding a majority stake.
Thetwo groups have been piloting the Utop point rewards programmesince December 2018, promoting the use of points available at variousretail outlets.
Thejoint venture will initially provide services for the FPT group and itsclients, later expanding to other firms. The group employs over 34,000 workers.
Manysuch loyalty programmes have become popular among consumersacross Vietnam, resulting in their spread across different types of cardsand applications, according to SBI.
The Japan-Vietnam jointventure makes use of akaChain, the FPT group’s blockchain technology, to reducethe cost of operating the Utop programme for member retailers.
SBIhas invested in FTP’s other subsidiary arms, including securities, fundmanagement, and banking units, as well as acquiring a 20.8 percent stakein Sen Do Technology JSC – the operator of an online marketplace under theFPT Corp. –VNA