Vietcombank receives Mobile Banking Initiative of the Year award hinh anh 1Vu Thi Bich Thu, head of Vietcombank representative office in Singapore (R), receives Mobile Banking Initiative of the Year award (Source: Vietcombank)

Hanoi (VNA) – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been awarded the “Mobile Banking Initiative of the Year” title by the Asian Banking & Finance (ABF) magazine.

The bank received the title at the ABF Retail Awards 2018 held in Singapore on July 12.

Vietcombank’s app has all necessary functions meeting consumers’ demand for financial transactions, and connects with partners in different fields, including entertainment, shopping, aviation and securities.

Vietcombank has used modern methods of payment such as payment using QR code in more than 10,000 shops, restaurants and websites in various services.

It has also applied modern technology in identifying and authenticating transactions to serve users.

Currently, Vietcombank is rated one of the best Vietnamese banks in terms of asset quality and profitability.

In 2017, the bank became the first in Vietnam to report pre-tax profit of 11.341 trillion VND (499 million USD). Its bad debts fell to only 1.1 percent, the lowest rate among major credit institutions.

Vietcombank aims to become the first bank in Vietnam to join the 300 largest banks and financial companies in the world by 2020.

Recently, the bank was named the best bank of Vietnam in 2018 by FinanceAsia.-VNA