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S.Korea's Alliex to invest US$700 million in non-cash payment in Vietnam
Hai Yen 10:52, 2019/09/20
Alliex plans to invest over US$700 million in the next five years to install 600,000 devices for payment via cards in Vietnam’s market.
South Korea’s tech firm Alliex is scheduled to invest US$700 million to establish point of sales (POS) across Vietnam, aiming to develop sharing economy and non-cash payment in the country, according to Park Byounggun, Alliex’s director. 
Deputy Prime Minister Vuong Dinh Hue and Director of Alliex Park Byounggun. Source: VGP.
Deputy Prime Minister Vuong Dinh Hue (r) and Director of Alliex Park Byounggun (l). Source: VGP.
The move is expected to support the solution and strategy of the Vietnamese government towards the establishment of a non-cash payment economy, said Byounggun in a meeting with Deputy Prime Minister Vuong Dinh Hue on September 19. 

Alliex plans to invest over US$700 million over the next five years to install 600,000 devices for payment via cards in Vietnam’s market. 

As part of the plan, Alliex has signed agreements on providng POS with local banks, including Joint Stock Commercial Bank for Foreign Trade of Vietnam (VietinBank) and Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), stated Byounggun. 

Deputy PM Hue hailed South Korea as an example of non-cash payment society that Vietnam is pursuing. 

According to Hue, Vietnam is implementing a strategy on promoting cashless payment, focusing on standardizing payment methods through QR code scanning and shared POS system. 

Additionally, the government has issued policies on e-invoice and payment via bank cards, among others, while targeting an advanced level of public online services for online payment and processing administrative procedures in the internet, Hue stated. 

In spite of being a new field, the non-cash payment market has huge potential for development in Vietnam, Hue asserted. Recently, the government has proposed a sandbox approach, which is a closed testing environment designed for experimenting new things, allowing enterprises operating in the field to have space for development. 

Hue requested Alliex to closely cooperate with the Vietnamese central bank in finalizing an ecosystem for non-cash payment activities in Vietnam.
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