Following TASConnect’s recent launch in Vietnam with the aim of providing digital working capital finance solutions, the fintech announces the successful signing of a Memorandum of Understanding (MOU) with Vietnam Prosperity Joint-Stock Commercial Bank (“VPBank”), a prominent financial institution in Vietnam.
This strategic collaboration marks a significant milestone for both entities as they join forces to unlock new opportunities and catalyse growth within the dynamic Vietnam market.
The MOU signifies the commitment of TASConnect and VPBank to collaborate and leverage their expertise to address the evolving needs of businesses and industries in Vietnam. The collaboration aims to propel the growth of the region’s growing economy by harnessing the power of innovation, technology, and financial solutions.
Aditya Sharma, Head of Financial Institution and Markets at TASConnect, commented: “This partnership marks an exciting chapter for TASConnect. By joining forces with VPBank, we are equipped to provide comprehensive financial solutions to our corporates and SME suppliers and buyers/distributors in Vietnam through our digital platform, empowering them to seize new growth opportunities and navigate the complexities of the evolving market. Our combined strengths create a unique value proposition that will undoubtedly drive positive outcomes for businesses in the region.”
CEO of TASConnect, Kingshuk Ghoshal said: “We are thrilled to collaborate with VPBank and embark on this transformative journey together. Our strategic collaboration represents a harmonious fusion of expertise, and shared values. This alliance will not only bolster our presence in Vietnam but also serve as a model for how businesses can come together to drive sustainable growth and create lasting impact in the communities we operate in.”
Commenting on the collaboration, Ms. Võ Hằng Phương, Head of Financial Markets and Transaction Banking, said:” The cooperation with TASConnect affirms VPBank’s commitment to increase digital platform and solutions in its products and services. This collaboration is part of VPBank’s strategy to expand its ecosystem, bringing e-banking services to all technology platforms that are available to customers.”
The MOU places significant emphasis on supporting Vietnam’s vibrant supply chain community of SME suppliers and distributors, recognizing its crucial role in the nation’s economic growth. The collaboration will address key challenges faced by supply chain stakeholders, support the local SME community, and implement solutions to enhance resilience, visibility, and sustainability within Vietnam’s enterprise value chain ecosystems.
As one of the earliest joint-stock commercial banks established in Vietnam, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has a history of sustainable development for 30 years with businesses ranging across retail, corporate, consumer finance and wealth management operations. VPBank is currently one of the leading commercial banks in Vietnam in terms of efficiency and profitability. It is also a pioneer in digital transformation with the aim to provide customers with the best and most convenient financial products and services.
As at 31/12/2022, VPBank achieved approximately USD 27billion of total assets, operating with 251 branches across the country. VPBank is one the bank with strong and solid capital foundation in Vietnam. With a CAR ratio of approximately 15%, VPBank is not only far exceeds capital adequacy regulations but also significantly strengthens its balance sheet and catalyze strong growth in the future. The Bank’s profit before tax reached USD 1billion for the year 2022, posting impressive growth of 48% year-on-year.
TASConnect is a bank, industry and Enterprise Resource Planning system (“ERP”) agnostic SaaS platform connecting complex enterprise ecosystems to unlock sustainable economic value with visibility and control. The platform significantly enhances efficiencies in accounts payable and accounts receivable financing programmes; enabling access to increased working capital sources; automating and simplifying complex workflows; and allowing businesses control of their programmes securely and sustainably. The company is a wholly owned subsidiary of SC Ventures Holdings Limited, and incubated by SC Ventures, the fintech and investment arm of Standard Chartered.