Hanoi, Vietnam – Local bank VPBank in Vietnam has announced that it was permitted to go through with the acquisition of OPES Insurance, aimed at expanding its business lines to non-life and health insurance, paired with its current life insurance business collaborated with AIA Vietnam. This announcement was held during the bank’s Annual General Meeting (AGM) in Hanoi last 29 April.

Through the meeting, VPBank also shared that it will be contributing VND20t towards its securities arm of ASC – a subsidiary obtained earlier in the year, to tap into the investment banking and wealth management segments.

Moreover, the bank will be lifting its foreign ownership limit to 30% of the chartered capital to accommodate the private placement to the foreign investor accordingly. The proceeds obtained from the share issuance will be utilised to enhance VPBank’s financial and management capabilities, in order to extend the operation scale of the bank to serve growing credit demand.

Hanoi, Vietnam – Local bank VPBank in Vietnam has signed a partnership agreement with iGTB, the fintech platform of Intellect Design Arena, to enhance its corporate and SME customer’s experience, as well as operational efficiency.

The partnership is aimed to bring the bank closer to the goal of being the most customer-friendly bank through technology in 2022 with iGTB’s products and services for its corporate, commercial and SME clients.

According to VPBank’s CEO Nguyen Duc Vinh, they will continue to improve customer experience and expand the business ecosystem through a new and efficient digital technology, which will transform its cash management. He also added that they are set to significantly increase the competitive edge for the bank and retain their leadership position as a preferred bank of choice for both SME and for corporate customers.

“VPBank has always been a pioneer in selecting the most up-to-date technology to power accelerated digital transformation. Strengthening our IT Infrastructure to enable and automate digital strategy is our key to improving productivity by 20-30% in order that we stay ahead of the competition. This is why harnessing disruptive digital IT initiatives is currently a major priority for us,” Duc Vinh said.

Meanwhile, Manish Maakan, CEO at iGTB, commented that the partnership powered by iGTB’s global expertise in transaction banking technology will help VPBank achieve its goal of becoming the most customer-friendly technology-driven bank and the most valuable bank in Vietnam.

“I am proud that this latest VPBank deal transformation deepens Intellect’s portfolio to a dominant position in Vietnam. Our investments into iGTB Cash Cloud and iColumbus.ai platforms are the keys to a faster go-to-market, so that our client portfolios across APAC, Middle East, Europe and Americas can realise early returns on their technology investments,” Maakan said.

He added, “Our simultaneous market-depth strategy is a result of years of investment into local Vietnamese regulations & payment systems, backed by iGTB’s local relationship managers and delivery teams out of Hanoi, and our longstanding partnership with Vietnamese FPT Information Services.”

This transformative cash management platform aims to delivers a seamless customer experience with a completely digital integrated transaction banking suite of iGTB’s cash management, trade finance, payments, account services, collections and liquidity ,management powered by its front-end contextual banking experience (CBX) platform.

Vietnam – Life insurance company AIA in Vietnam has extended its exclusive partnership with Vietnam’s private bank VPBank, changing the originally planned 15 years partnership to 19 years for the distribution of insurance through banks.

VPBank said that it has developed a strong cooperative relationship with AIA Vietnam since 2017, and the extension of their partnership is not only a good sign for them but also good news for customers. 

Through the extended partnership, both companies will continue to help customers access and experience top quality life insurance products and services, along with the preferential benefits of many comprehensive health care plans. In addition, products will be more innovative and many connecting activities in terms of mental, physical, and financial health will also be deployed in accordance with each customer group of the bank.

Wayne Besant, AIA Vietnam’s general director, said, “The extension of the exclusive partnership between VPBank and AIA Vietnam will allow AIA to continue to strengthen its long-term and relevant financial protection solutions. With the healthcare needs of many families in Vietnam, helping them live healthier, longer, and happier lives.”

Meanwhile, Nguyen Duc Vinh, VPBank’s general director, commented, “In addition to improving the quality of services for customers, we are delighted by the extension of this partnership to bring to the market new products, and more innovative services, providing more financial solutions to customers for their future lives.”