VPBank in cooperation with LOTTE C&F to support customers in "Buy now, pay later"

HANOI, VIETNAM - Media OutReach Newswire - 1 October 2024 - On 27^th September, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and LOTTE C&F Vietnam Co., Ltd held a ceremony for signing MOU.

This is an important milestone, opening up a new prospect to help both parties optimize theirs resources, promoting sustainable growth; simutaneously bringing flexible, economical and effective consuming finance solutions to LOTTE customers.

After signing the MOU, VPBank and LOTTE C&F Vietnam will coordinate with each other to make smart finance products to enhance the customer experience and increase prosperity value for all Lotte's loyal customers. Specifically, VPBank and LOTTE C&F Vietnam will issue co-branded cards and Buy Now Pay Later products for Lotte customers. With this card line, the customers are entitled to enjoy the purchasing and consuming privilege with addition of the product of "buy now pay later" to enhance their financial capacity.

Moreover, VPBank and LOTTE C&F focus on providing finance solutions specializedly used for technology platform and ecosystem of two corporates. VPBank and LOTTE C&F shall deploy to integrate functions such as account services, virtual credit cards and digital functions basing on digital platform of LOTTE C&F, thus bringing such a modern, clear and convenient payment transaction to the customers.

The event of signing cooperation between VPBank and LOTTE C&F is also a premise so that the two corporates can exploit their strenght at most, thus their upraising competent positions in the market. Accordingly, VPBank shall provide a comprehensive finance solution for fostering sustainable resoures to help enterprises in Lotte Ecosystem in Vietnam fullfill their strategy objectives. LOTTE C&F will connect, assist to promote finance service products of VPBank for Lotte's susidiaries in Vietnam, thus helping the bank to enlarge its operation network, promoting the scope of market size increasing within FDI customers' management.

Speaking at the ceremony, Mr. Kamijo Hiroki – Deputy CEO of VPBank affirmed: "As a multi-funtional bank leading in terms of innovative implementation capacity and value creation through comprehensive financial soultions with combined strength of the ecosytem and application of advance technology, VPBank believes that VPBank will bring specialized and outstanding financial products and services to Lotte customers. Signing MOU with LOTTE C&F is one of VPBank strategies to develop FDI customers and to work together for implementing business strategies of the two parties, thus creating synergy and bring more prosperous values to enterprises and customers."

Speaking at the cooperation event, Mr. Shigemitsu Satoshi / Shin Yoo-yeol – CEO of LOTTE Financial Corporation Japan emphasized: "We are developing a deferred payment utility and giving efforts to support subsidiaries of LOTTE Corporation to contribute to Vietnam society. In the future, we would like to build a business ecosystem promoting the cooperation with many sales partners. In order to expand the ecosystem, we are approaching to Vietnam, Japan and Korea Companies besides LOTTE Corporation's subsidiaries. We would like to provide customers with our services through this ecosystem toghether with VPBank- a bank with high expertise in personal finance and digital financial services. So that, LOTTE C&F believes that this is the suitable partner for us."

The signing of the MOU with LOTTE C&F belongs to VPBank's development strategy for the FDI customer segment. In the context that FDI capital flows constantly increase and forecasted to increase sharply in the upcoming time, VPBank has identified that FDI shall be a potential customer group with high growth prospects. As the bank with a leading charter capital in Vietnam and an ecosystem spanning from consumer finance, securities to insurance with a modern technology platform, VPBank is holding many advantages to bring comprehensive and superior financial products to optimally meet the demands of the FDI customer group. One of the typical products designed specifically for VPBank's FDI customers is Supply Chain Finance, providing financial solutions for the supply chain including distributors and suppliers of key international customers (Anchor Clients). This is VPBank's outstanding strength with over 10 years of implementation experience based on technical advice and accompany from the international financial organization IFC.



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