Shinhan Bank Vietnam Limited on June 29 signs a memorandum of understanding (MoU) with BC Card Company to establish a strategic collaboration in the development of acquiring business in Vietnam.(Photo: Courtesy of the bank)
Seoul (VNA) – The Shinhan Bank of the Republic of Korea announced on June 30 that its subsidiary in Vietnam has signed a memorandum of understanding (MoU) with BC Card – a subsidiary of KT Group - to enhance the credit card payment system in Vietnam.
The bank expects that such efforts could stimulate the Vietnamese credit card payment market, thus supporting the Vietnam government's goal of creating a cashless society by 2025.
Under the agreement, BC Card's subsidiaries in Vietnam and Indonesia, along with Shinhan Bank Vietnam, will collaborate to establish a card-acquiring system in Vietnam. They will also work together to expand networks between card affiliates and develop card devices and card payment terminals (POS) in Vietnam.
The agreement is the first collaboration between Shinhan Bank and KT since the telecom service provider acquired a 2.1% stake in the bank in 2022.
Both firms hope to create win-win synergies domestically and internationally in the future.
As of May, Shinhan Bank Vietnam's card business has seen its annual credit card usage amount increase by 28% year-on-year to reach 585 million USD, with a membership of 290,000 people. It also has launched a variety of services this year, including a new partnership card with Vietnamese online shopping mall Tiki, and a corporate card in collaboration with Bizzi, an invoice solution company./.
