Shinhan Bank, BC Card to upgrade Vietnam's card payment system
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.
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 thecredit card payment system in Vietnam.
The bank expects that such efforts could stimulate the Vietnamese credit cardpayment market, thus supporting the Vietnam government's goal of creating acashless society by 2025.
Under the agreement, BC Card's subsidiaries in Vietnam and Indonesia, alongwith Shinhan Bank Vietnam, will collaborate to establish a card-acquiringsystem in Vietnam. They will also work together to expand networks between cardaffiliates and develop card devices and card payment terminals (POS) inVietnam.
The agreement is the first collaboration between Shinhan Bank and KT since thetelecom service provider acquired a 2.1% stake in the bank in 2022.
Both firms hope to create win-win synergies domestically and internationally inthe future.
As of May, Shinhan Bank Vietnam's card business has seeꦫn its annual credit cardusage 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 newpartnership card with Vietnamese online shopping mall Tiki, and a corporatecard in collaboration with Bizzi, an invoice solution company./.
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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) 
