Shinhan Bank Vietnam Limited on Thursday (June 29) signed a memorandum of understanding (MoU) with BC Card Company to establish a strategic collaboration in the development of acquiring business in Viet Nam.

BC Card, founded in 1982, is the largest provider of credit card services in South Korea.

It has promoted the country's cashless society and provided a variety of financial services, digital products, and modern payment products with high security in the Korean market for the past 40 years, leveraging its core competencies in card issuance, card payment processing, and card brand marketing services to end users.

With strengths in technology solutions and experience in providing card processing systems for card payments, it will provide terminal equipment and develop new features to meet the needs of Shinhan Bank's customers, such as merchants and stores.

Shinhan Bank will establish a merchant sales network, and develop products and services exclusively for customers using the payment service provided by the two parties, along with related regulations and policies.

The bank aims to bring the most modern and convenient solutions to customers who are merchants and buyers, and allow them to connect and accept cashless payment via multiple platforms such as POS and e-commerce to meet the growing demand for digital payment.

A representative of Shinhan Bank said the bank seeks to engage in acquiring business for customers and merchants, accelerate the development of digital payment services, and promote the Vietnamese Government’s cashless payment policy.

With experience and know-how in the Southeast Asia payment business, BC Card and Shinhan Bank will together promote the acquiring business successfully in Viet Nam, BC Card’s representative said.

Last year, through a partnership with NAPAS, BC Card launched a service allowing Vietnamese cardholders to make payment through the BC Card merchant network in South Korea. — VNS