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Home / Economy / Banking & Finance
Foreign credit card firms eye Vietnam's market
Nguyen Tung 16:38, 2018/03/29
The National Payment Corporation of Vietnam (NAPAS) signed a Memorandum of Understanding with KEB Hana Card (Hana Card - Korea ) and Alliex Vietnam to expand payment service business in Vietnam, announced NAPAS on its website on March 28.
The move is aimed to facilitate non-cash payment at point-of-sales (POS) and more importantly, the development of payment card market in Vietnam, according to NAPAS. 
 
The MoU signing ceremony. Source: NAPAS.
The MoU signing ceremony. Source: NAPAS.
Under the agreement, all parties will review the feasibility of cooperation and efficient management of shared POS network in Vietnam. NAPAS will be in charge of providing switching service and Alliex, a payment solution provider, will be responsible for establishing and operating networks across Vietnam.

Consequently, Hana Card will support Vietnam's overseas credit card payment business by providing its knowhow to NAPAS. 

The cooperation is expected to make significant contribution to Vietnam's plan on development of payment via card readers in period 2017 - 2020 by combining NAPAS' vast networks and Hana Card's expertise, stated NAPAS.

In 2015, Hana Card formed a partnership with Alliex to join forces to expand payment businesses in overseas countries. 

NAPAS is the first and unique intermediary payment service provider being granted license by the State Bank of Vietnam (SBV) of providing switching and electronic clearing and settlement services in Vietnam. 

NAPAS's majority shareholders include SBV and 15 great commercial banks in Vietnam. 

NAPAS is operating and managing an inter-bank connection system with 17.500 ATM, 290.000 POS, 100 million domestic cards of 46 domestic commercial banks and foreign banks being operating in Vietnam. NAPAS also provides e-commerce services to more than 300 merchants of airlines, telecommunications, hotels, tourism and other electronic payment services.

Hana Card is the first credit card issuer in Korea under the administration of Hana Financial Group - one of the largest bank holding companies in Korea. 

Since the beginning of 2018, other Korean card companies, namely Shinhan Card and Lotte Card have had similar move in acquiring Vietnam's finance business units.
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