LienVietPostBank and BC Card – the largest credit card network – in South Korea signed a memorandum of understanding (MoU) on Monday in Ha Noi to promote non-cash payment in Viet Nam.

Under the agreement, the two sides would invest in a new company providing digital payment with diversified products and services for companies and banks in Viet Nam. They would take advantage of LienVietPostBank’s resources and financial solutions and technologies as well as BC Card’s specialists.

The two sides would co-operate to develop payment products and services and projects in the field of issuing smart cards and technology solutions for Vi Viet’s users developed by LienVietPostBank.

After the signing, LienVietPostBank and BC Card would sign a master agreement to establish a strategic partnership. BC Card would support LienVietPostBank in digital banking transactions and development while establishing a money transfer channel between Viet Nam and South Korea.

“With a desire to complete all strategic targets of the bank in the digital era, we believe that BC Card will be a suitable partner to sign a strategic co-operation in the technology sector in the new period,” said Nguyen Dinh Thang, LienVietPostBank’s chairman.

Speaking at the signing ceremony, BC Card representatives said that with modern technology and professional staff, BC Card was committed to helping LienVietPostBank cement its position in the card payment and digital banking market in Viet Nam.

In August 2017, BC Card signed a strategic co-operation agreement with NAPAS to connect local card payment network between the two sides. This could also provide advantages for LienVietPostBank’s co-operation in the future.

Its Vi Viet reached 2.3 million users and has over 22,000 transaction points.

BC Card which is under KT Group – the first and largest telecom provider in South Korea - has 35 years of experience in the card, e-commerce and fintech sectors. — VNS