Online financial director business through fingertips It is a popular choice in every country including Vietnamese people. This can be seen from the rapid growth in internet banking usage in Vietnam: 82% of consumers in Vietnam used internet banking in 2021 and another 52% of Vietnamese people used internet banking. access to Fintech services and e-Wallets. However, with the rapid growth, there are many challenges that Internet banking service providers in Vietnam are preparing to cope with.

Internet Banking Services In Vietnam, many banking operators have adopted technology to apply more in financial-related businesses. As a result, there is fierce competition for market share among service providers. Today, we have brought applications under 3 major banks for you.

1. BIDV iBank

- An application from The Bank for Investment and Development of Vietnam (BIDV), one of Vietnam's major banks.

- It offers a full range of financial services and products, such as deposits and withdrawals, cross-border remittances, currency exchange, as well as financial services for foreign trade.

2. Techcombank

-  Application under Vietnam Technologies and Commercial Joint-Stock Bank

-  It has a reputation for bringing innovation to meet the needs of customers. Helping customers make financial transactions easier and faster than ever. It also offers a wide range of financial products and services, such as internet banking, mobile POS and M+ Project, a credit approval process that takes just a few days.

-  Received the Best Banking Award in Vietnam in 2016 from Alpha Southeast Asia and Asia Finance.

3. VCB Digibank

-  An application from The Joint Stock Commercial Bank for Foreign Trade of Vietnam in collaboration with PwC Consulting Vietnam in the Digital Banking Transformation project.

- Providing a variety of financial services such as deposits-withdrawals, debt settlement, QR Pay, including air ticket reservations, hotel rooms and online purchases within the application.

-  Selected as The Best Mobile Banking Application in Vietnam in 2020 by The Asian Banker International Organization Institute.

Internet banking services or online financial transactions in Vietnam have seen rapid growth in recent years. This is due to the support from the government and the National Bank of Vietnam under The Plan for Digital Transformation in the banking sector by 2025, vision to 2030, as well as changing consumer behavior. Away from the Covid19 event, even though it is a highly competitive and challenging business in many areas. But there are still some interesting opportunities for this business.

while on the other hand Banks in Vietnam have fierce competition for market share from consumers. Due to the change in consumer behavior due to the Covid-19 crisis, as well as the ever-increasing population (expected to reach 100 million people in the next few years). These factors have led to a rapid increase in mobile banking transactions. It can be seen that the number of internet banking transactions in 1Q 2022 amounted to about 231 million, a 47% increase compared to the same period in 2021. These factors have prompted many commercial banks in Vietnam to focus on adopting technology to operate their business and to better meet the needs of each customer. As a result, the financial services market in Vietnam is growing better and in line with the development plan of the National Bank of Vietnam.

Currently, there are more than ten leading online banking operators in Vietnam vying for market share. Moreover, Fintech companies and start-ups in Vietnam with investments of more than 4.6 billion baht since 2017 are also vying for market share. It is becoming a serious competitor especially those who provide digital wallet and digital banking services.

Customers interested in doing business in CLMV or Great Mekong Subregion (GMS) countries include Cambodia, Laos, Myanmar and Vietnam. Siam Commercial Bank has overseas branches ready to take care of and provide services. If interested, contact https://www.scb.co.th/en/corporate-banking/international-network.html

Thank you for good information from: Siam Commercial Bank Ho Chi Minh City Branch, Vietnam https://www.scb.co.th/vn/corporate-banking.html

Reference:

Banksreview. “Best Online Banks in Vietnam”. Best online banks in Vietnam - Banks Reviews (ค้นหาเมื่อ 3 มิถุนายน 2566)

Vietnamplus. “Vietnam’s digital banking adoption catching developed markets”. Vietnam’s digital banking adoption catches up with developed markets | Business | Vietnam+ (VietnamPlus) (ค้นหาเมื่อ 3 มิถุนายน 2566)

Globalbanks. “Mobile banking in Vietnam [Non-Resident Banking]”. Mobile Banking Vietnam [Non-Resident Banking] - GlobalBanks (ค้นหาเมื่อ 3 มิถุนายน 2566)

Think With Google. “Banking on Vietnam’s millennials: Why finance players are going digital”. Digital banking with Vietnam's millennials - Think with Google APAC (ค้นหาเมื่อ 3 มิถุนายน 2566)

Minh Son Ha and Thuy Linh Nguyen. “Digital Transformation in Banking: A Case from Vietnam”. Digital Transformation in Banking: A Case from Vietnam | SpringerLink (ค้นหาเมื่อ 3 มิถุนายน 2566)

Oradian. “What you need to know about digital banking in Vietnam”. What you need to know about digital banking in Vietnam. - Oradian (ค้นหาเมื่อ 5 มิถุนายน 2566)

Thuvienpc.com. “Vietnam ranks third in the region in terms of malware attacks”. Vietnam ranks third in the region in terms of malware attacks – Thuvienpc.com (ค้นหาเมื่อ 5 มิถุนายน 2566)

Innotech. “Top 5 Banks Apply Banking Digital Transformation in Vietnam”. Top 5 banks apply digital banking transformation in Vietnam (innotech-vn.com) (ค้นหาเมื่อ 8 มิถุนายน 2566)