VPBank and SMBC sign MoU to boost financial market

Wednesday, May 04, 2022 14:33

The signing was witnessed by Vietnamese Prime Minister Pham Minh Chinh and his visiting Japanese Prime Minister Kishida Fumio. — Photo courtesy of VPBank

VPBank and the Japanese financial group Sumitomo Mitsui Banking Corporation (SMBC) have signed a memorandum of understanding (MoU) on business cooperation with the presence of Prime Minister Pham Minh Chinh and his visiting Japanese counterpart Kishida Fumio.

The MoU aimed to provide customers in Viet Nam with high-quality products and services to contribute to the development of the country’s financial market.

This is also one of the remarkable business cooperation agreements signed during the visit of Japanese Prime Minister Kishida Fumio to Viet Nam.

This MoU is another step for SMBC to expand its presence in Asia and strengthen its digital banking, one of the key goals SMBC has set out in its mid-term management plan as its subsidiary - SMBC Consumer Finance Company Ltd acquired 49 per cent of chartered capital in VPBank Finance Company Limited (FE Credit).

The bank has an extensive presence in the retail and small-and-medium enterprises (SMEs) segments. In recent years, VPBank has been focusing on digitising financial products and services. It is currently in the top of the credit institutions with the highest growth and profit.

Through the newly signed partnership between the two credit institutions, SMBC will have a better position to apply its financial expertise, combined with the experience of both VPBank and SMBC in the financial markets to provide customers in Viet Nam with high quality products and services. The combination of two large financial groups of Viet Nam and Japan would contribute to the next stage of development of Viet Nam's financial sector. — VNS

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