VietinBank - a partner bank of MUFG has just cooperated with Finviet - a Financial Technology Company that owns a network of payment acceptance units nationwide to promote non-cash payments, digitization, business administration support and data-based financial solutions.
The focus of this cooperation is the combination of Finviet's commercial transaction data with VietinBank's payment and account data to build financial models suitable for business households.
Promoting non-cash payments and digital transformation for business households
Within the framework of this cooperation, the two sides aim to build a new service model that comprehensively integrates payment, business administration, finance and growth support functions for business households; through the combination of VietinBank's superior financial solutions capacity with Finviet's technology platform and payment acceptance network.
Specifically, Finviet's payment acceptance units will have access to iShop Pro - a comprehensive solution for VietinBank's business households through Finviet's platform, promoting non-cash payments with payment account products, QR, POS.
In addition to attractive interest rates and preferential fees along with sales management software, customers can also use technology solutions to support store operation such as electronic invoices, electronic tax payment and business administration. Thereby, helping to improve the efficiency of daily revenue management, optimize retail store operation, and promote digital transformation in business operations.
Step by step realizing a financial model based on data and cash flow
In the initial phase, the two sides will research and implement financial access support programs based on actual business data, towards developing solutions: lending based on sales cash flow; unsecured lending based on actual revenue; providing working capital according to business needs; supporting business expansion through cooperation programs between the two sides.
In the process of realizing the above, the two sides will conduct discussions to establish digital infrastructure including full online lending features and real-time money transfer/deposit/withdrawal functions.
Taking advantage of the customer network and ecosystem of both sides, VietinBank and Finviet will coordinate to promote account opening, increase access to financial services and implement business support programs for business households nationwide.
Technology solutions implemented within the framework of cooperation will support retail stores in business management, using electronic invoices, paying electronic taxes and improving transparency in business operations through electronic payments, electronic invoices and revenue data management, thereby contributing to promoting the digital transformation process and digital economy development in Vietnam.
According to VietinBank's representative, through cooperation with Finviet, VietinBank wishes to bring business households a comprehensive solution ecosystem, not only including financial and banking products but also technology, payment and business growth support solutions. "We expect the combination of data and technology to open up many opportunities to access financial services and contribute to expanding the market for the business household community," VietinBank's representative shared.
Mr. Nguyen Thanh Hien - General Director of Finviet said: "We believe that actual transaction data is the key for business households to access financial support more easily. Not stopping at simple cashless payment solutions, FinViet has been and is bringing a comprehensive ecosystem to business households, accompanying business households in finding solutions to business capital problems. With the companionship of VietinBank, FinViet affirms its technological capacity after a decade of operation, supporting business households to optimize working capital and enhance customer experience through one-touch solutions.
