Representatives from VPBank and LOTTE C&F signed the MoU. Photo courtesy of VPBank

HÀ NỘI — VPBank and LOTTE C&F Vietnam Company Limited (LOTTE C&F) have signed a Memorandum of Understanding (MOU) to enhance resource optimisation, drive sustainable growth and provide LOTTE customers with effective and affordable consumer finance solutions.

VPBank and LOTTE C&F will collaborate to explore and develop intelligent financial products designed to enrich the customer experience and deliver greater value to LOTTE Vietnam’s loyal clients. Their plans include launching co-branded card products and Buy Now Pay Later services tailored to meet the needs of LOTTE customers. These offerings will empower customers to make purchases with flexible payment options while balancing their personal finances.

In addition, VPBank and LOTTE C&F will focus on delivering specialised digital financial solutions by leveraging the technology platforms and ecosystems of both organisations. They intend to implement account services and develop a range of digital products, including online banking platforms, mobile banking apps, e-wallet services, digital payment gateways, banking as a service (BaaS), and virtual credit cards, all designed to support the LOTTE Ecosystem.

Speaking at the signing ceremony, Kamijo Hiroki, Deputy General Director of VPBank said: “As a leading multifunctional bank known for its innovative capabilities and value creation through comprehensive financial solutions, VPBank is committed to delivering specialised and exceptional financial products and services to LOTTE customers.

"This partnership with LOTTE C&F aligns with our development strategy for the FDI customer segment and underscores our dedication to supporting both parties’ business strategies, fostering synergy, and enhancing value for businesses and customers alike.”

Shigemitsu Satoshi, CEO of LOTTE Financial Corporation Japan added: “We are focused on developing deferred payment solutions to support LOTTE Group companies in contributing to Vietnamese society. Our vision is to establish a business ecosystem that fosters collaboration with numerous sales partners.

"To expand this ecosystem, we aim to engage companies from Việt Nam, Japan, and South Korea, in addition to those within the LOTTE Group. Partnering with VPBank, known for its expertise in personal finance and digital financial services, positions us to better serve our customers through this collaborative ecosystem. We believe LOTTE C&F has found the right partner in VPBank.”

The signing of the cooperation agreement lays the groundwork for the two sides to leverage their strengths, enhancing their competitive position in the market. VPBank will deliver comprehensive financial solutions that provide stable resources, enabling businesses within the LOTTE ecosystem in Việt Nam to achieve their strategic objectives.

In turn, LOTTE C&F will facilitate the promotion of VPBank's financial products and services to its member companies, helping the bank expand its operational network and increase its market share in the FDI customer segment.

With forecasts indicating a significant rise in FDI capital flows into Việt Nam, VPBank recognises FDI as a promising customer group with substantial growth potential. As the leading bank in Việt Nam, equipped with a diverse ecosystem encompassing consumer finance, securities and insurance, alongside a modern technology platform, VPBank is well-positioned to offer comprehensive and superior financial products tailored to meet the needs of FDI customers.

One notable product designed specifically for these clients is supply chain financing, which provides financial solutions for distributors and suppliers of key international customers (Anchor Clients). This offering highlights VPBank's expertise, bolstered by over a decade of implementation experience, technical support from the international financial institution IFC, and a close partnership with strategic shareholder SMBC from Japan.

LOTTE C&F, a company backed by LOTTE Financial Corporation (Japan) and LOTTE Capital (South Korea), was established in April 2023 in HCM City. The company specialises in offering “Buy Now Pay Later” services, allowing consumers to make purchases and defer payments. In the near future, LOTTE C&F plans to launch initiatives to build the LOTTE Ecosystem in collaboration with the group's key subsidiaries operating in Việt Nam.

VPBank is one of Việt Nam's largest joint stock commercial banks, boasting over 30 years of experience in establishment and development. With a multi-industry growth strategy, VPBank provides a wide range of comprehensive financial services, including retail and investment banking, for both individual and corporate clients. The bank has solidified its position in the market through the effective application of technology in its operations, ranging from innovative digital banking solutions to large-scale digital transformation initiatives. — VNS