The Asia Foundation Partners with Australian Department of Foreign Affairs and Trade, Mastercard and Vietnam Bank for Social Policies on Mobile Banking Service

Hanoi, February 23, 2017 — Through Australian Department of Foreign Affairs and Trade’s (DFAT) Business Partnerships Platforms the Asia Foundation has launched a new partnership with the Vietnam Bank for Social Policies (VBSP), MasterCard and DFAT to develop a mobile banking service to provide greater access to financial services for low-income populations in Vietnam. The partnership will enable VBSP, Vietnam’s largest microfinance provider, to provide reliable, convenient, and flexible financial services to rural, low-income individuals, and women-led enterprises, and by integrating MasterCard’s Branchless Banking/Financial Inclusion Platform within VBSP’s core banking system, lowering the operational cost of banking at mobile transaction points.

At the launch event pictured left to right: Tran Lan Phuong, VBSP Deputy Director; Hoang Minh Te, VBSP Deputy Director, Pierre Jauffret, Vice President, Government Services and Solutions, MasterCard; Filip Graovac, Asia Foundation Deputy Country Representative; Bernard Philip, Minister & Deputy Head of Mission, Australian Embassy in Hanoi; and Phan Cu Nhan, Director, International Cooperation Department, VBSP.

The project builds on the strong commitment and readiness of VBSP, telecom service providers, the State Bank of Vietnam, and VBSP’s clients that became evident in a mobile banking feasibility study commissioned by The Asia Foundation in 2014. This partnership will prepare VBSP to roll out full-scale mobile banking to its clientele nationwide. In addition, in 2015 MasterCard committed to promoting financial inclusion for 500 million people in support of the World Bank’s global initiative to achieve Universal Financial Access by 2020.

“VBSP will benefit through lower operational costs and increased transparency and accountability in its client transactions through use of MasterCard’s transactions platform. MasterCard will benefit by increasing its brand recognition, moving forward on its mission to provide banking services to 500 million new customers, and creating a future opportunity to serve the Bank’s 7 million clients with its services. This is what creating shared value can do,” said the Foundation’s country representative in Vietnam Michael R. DiGregorio.

The Asia Foundation is a nonprofit international development organization committed to improving lives across a dynamic and developing Asia. Informed by six decades of experience and deep local expertise, our work across the region addresses five overarching goals—strengthen governance, empower women, expand economic opportunity, increase environmental resilience, and promote regional cooperation.

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Related locations: Vietnam
Related topics: Social Inclusion

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