Shinhan Bank, BC Card Forge Alliance to Improve Card Payment in Vietnam

Shinhan Bank and BC Card have formed a partnership to upgrade the card payment system in Vietnam. The former revealed on Friday, June 30, that its Vietnamese unit has signed a memorandum of understanding (MOU) with BC Card, a South Korean financial services firm, to improve how the credit card payment system works in the country.

The bank said that it hopes their efforts will help make the Vietnamese credit card payment better while also restoring its business in the market. Moreover, Shinhan Bank and BC Card’s move will also help the country’s administration to achieve the goal of having a cashless society by the year 2025.

According to The Korea Times, Shinhan Bank and BC Card’s respective subsidiaries in Vietnam and Indonesia agreed to join forces and work on the establishment of a card-acquiring system in the region. Under the agreement, they also have plans to expand the networks between card affiliates, various card devices, and card payment terminals - the Point of Sale system - in Vietnam.

"Vietnam is the country with the highest gross domestic product (GDP) growth rate in Asia. It also has a rapidly growing credit card payment market,” an official of BC Card said in a statement. “We expect that this agreement will contribute to the expansion of the credit card payment market in Vietnam."

A Shinhan official added, "Through this business agreement, we have laid the groundwork to grow into a leading bank in the credit card payment market in Vietnam.”

Meanwhile, Shinhan Bank recently received an award in Vietnam. Its local unit, the Shinhan Bank Vietnam Limited was honored by Global Banking and Finance Review Magazine (GBAF) as the fastest-growing bank in the country this year.

“This is the first time Shinhan Bank has received the award ‘The fastest growing corporate bank in Vietnam’ which recognizes the bank's ongoing efforts in always pioneering the deployment of optimal product priorities combined with digital transformation technology for corporate customers, allowing us to accompany, support, and develop with corporate customers in each volatile period of the economic,” Shinhan Bank’s deputy general director, Mr. Lee Han Byeol, said in a press release. “This recognition not only celebrates Shinhan Bank's excellent growth in the corporate business segment but also highlights the bank’s long-term commitment to the market over 30 years in Vietnam."

Photo by: Shinhan Bank Media Center