The signing ceremony between Southeast Asia Commercial Joint Stock Bank (SeABank) and Visa. — Photo courtesy of SeABank

Southeast Asia Commercial Joint Stock Bank (SeABank) and Visa Inc have signed a strategic partnership agreement on developing digital payments.

The deal aims to leverage Visa's data capabilities and expertise to enhance SeABank's payment services efficiency.

Visa will support SeABank to develop digital payment products based on their existing platform, focusing on five main areas of enhancing the customer experience for card products and services on digital platforms, improving card products and services, optimising the card service ecosystem on digital platforms, boosting efficiency and creativity in communication about card products and services and strengthening risk and fraud management in card issuance and payment.

Stephen Karpin, President of Visa International Asia-Pacific said: "We are honoured to cooperate with SeABank in actualising our commitment of enhancing Việt Nam's digital payment ecosystem. Partnerships are the key in our journey of supporting banks in improving customer experience and strengthening risk management capacity. Visa is committed to partner with SeABank to obtain the Bank's long-term goals and make further achievements."

Madame Nguyễn Thị Nga, Permanent Vice Chairman of the BOD of SeABank, added: "As part of our Digital Convergence strategy, SeABank always prioritises digitalisation of products, services and operations.

"With the partnership of Visa in the recent years, SeABank has made significant changes in card services and forming increasing impression on customers. The expanded cooperation with Visa acts as a premise for SeABank to further enhance efficiency and operational safety, improve customer experience of card products and services on digital platforms."

Visa's research in 2023 recorded that 56 per cent of consumers surveyed carry less cash than in 2022, showing the rapid shift from cash to convenient digital payment methods in Việt Nam, opening up many opportunities to develop card products and services.

Over the years working with Visa, SeABank has launched card lines including Signature, SeATravel, SeALady, SeAEasy, SeAGolf and BRG Elite with many privileges for all customer segments. Total card transaction turnover of the bank has grown steadily, averaging 125 per cent growth rate per year. — VNS