VPBank, Be Group parternship to enhance fintech ecosystem

Friday, May 31, 2019 14:00

BE Group Joint Stock Company and VPBank signed a strategic partnership to enhance the financial technology ecosystem. — VNS Photo

The BE Group Joint-Stock Company, owner and developer of the be ride-hailing app, and VPBank on Thursday in HCM City signed a strategic partnership to “enhance the financial technology ecosystem” in Viet Nam.

The co-operation aims to optimise payment and consumption demand of individual consumers and drivers, and support activities of large businesses as well as small- and medium-sized enterprises (SMEs).

beFinancial, a new financial service developed by the BE Group, is expected to be one of the best mobile financial service platforms to help people meet the needs of daily life and support activities of large businesses and SMEs.

The beFinancial service provides VPBank’s financial service technology. The fintech ecosystem of be includes payments, loyalty and rewards, and financial services.

The partnership with VPBank in the financial sector will be the start and first proof of the goal of BE Group towards an open technology ecosystem.

Be is expected to develop into a platform rather than an application, allowing and welcoming many units to operate, replacing any monopoly.

In particular, the company is ready to jointly develop and support the Vietnamese business community by helping any Vietnamese startup or enterprise sharing the same direction.

According to the co-operation memorandum of the parties, the BE Group and VPBank this year will work together to launch payment and financial services for individual consumers, drivers and corporate customers.

The BE Group and VPBank will rely on the strengths of the two parties to provide appropriate products to meet the needs of each customer group, including individual consumers, drivers, large businesses and SMEs.

“As a Vietnamese technology company, the BE Group aspires to bring a coherent solution to simplify the complexities in everyday life and become a bridge between every customer and service provider.

"beFinancial, included in BE Group's commitments after the deployment of transport services, is a digital financial product. Therefore, the partnership with VPBank, the largest private bank in Viet Nam in terms of payment and financial products, is expected to bring a quick, secure and optimal payment solution for individual consumers and corporate customers, as well as more benefits to drivers so they can concentrate on their work,” Tran Thanh Hai, CEO of BE Group, said.

“On the other hand, the partnership with VPBank in the financial sector is proof of the opening and sharing of the be ecosystem with all enterprises in different operations of the same value chain to bring the best products to customers and to optimise their business operations. We believe that an open and symbiotic ecosystem to help each other will attract the participation of enterprises to bring sustainable values to enterprises as well as the economy.”

Nguyen Duc Vinh, general director of VPBank, said: “Co-operating with the BE Group is the result of a process to build and develop digital banking solutions and services, as well as an orientation toward building valuable ecosystems for customers. beFinancial is a comprehensive and transparent financial solution for diverse customers in an ecosystem of traffic and transport, including the most outstanding payment solutions in the market at the moment. We hope these pioneering financial solutions will bring significant benefits to the business community and to individual consumers in BE Group's ecosystem.”

BE Group is a Vietnamese technology startup in the field of technology transportation with the ride-hailing app be, featuring two main services, beBike (2-wheeler booking service) and beCar (car booking service).

BE Group said it would develop more delivery services, loyalty programs and electronic wallets.

Currently, the be app has been downloaded about 4 million times on mobile devices. It has about 30,000 drivers, with about 200,000 trips every day.

VPBank is the only joint-stock commercial bank in Viet Nam included in the group of 500 banks with the largest brand value globally, according to Brand Finance. VPBank's brand value is valued at US$354 million, ranked 361st in the world. — VNS

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