Techcombank has been named the Best Payments Bank in Vietnam in 2019 by the Asian Banker. (Photo: Techcombank)

Hanoi (VNA) – The Vietnam Technological and Commercial JSC (Techcombank) has been named the Best Payments Bank in Vietnam in 2019 by the Asian Banker thanks to its use of high technology in providing payment solutions to customers.

The state-owned bank was honoured in a ceremony in Hanoi on July 18.

Speaking at the award event, Nguyen Huong Giang, head of Techcombank’s Transaction Banking, said in banking transactions, businesses usually focus on negotiating for low interest rates or reduced per-transaction fees while very little attention is paid to solutions to reduce costs from risks related to foreign exchange, trading fraud and liquidity.

In fact, effective cash flow management and on-time payment help the businesses optimize their capital, minimise unnecessary loans and hereby, significantly reduce capital cost, she noted.

Managing Editor of the Asian Banker Foo Boon Ping said he is impressed by the fact that Techcombank is the pioneering and only bank in Vietnam providing fee-free transactions to both individual and business customers with no condition.

The move not only goes in line with the Government’s cashless payment policy but also provides a long-term and optimal financial solution to the businesses.

The bank also offers a variety of payment channels to increase the convenience for its clients.

Last year, Techcombank posted a pre-tax profit of more than 10.66 trillion VND (458.38 million USD), up 31 percent year-on-year. The bank came second in the domestic banking system in profit, only after Vietcombank.

Its total operating income represented a 10 percent year-on-year increase to more than 16.97 trillion VND, credit rose 20 percent, and bad debts fell to 1.8 percent.

The bank aims to earn more than 11.7 trillion VND in pre-tax profit in 2019, representing a 10 percent year-on-year increase.–VNA