The Military Commercial Joint Stock Bank (MB) and F88 on December 16 inked a wide and comprehensive cooperation contract at MB’s head office at 18 Le Van Luong Street, Ha Noi. The clients will be able to make their biometric updates at over 850 F88 contact points to ensure that banking transactions are conducted without hitches irrespective of the fact that the phones lack NFC scanning capabilities.
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Given the increasing need for accessible banking services in Việt Nam, both parties, MB and F88, have now moved toward establishing a fruitful cooperation that will improve financial inclusion throughout the country.
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Vu Thanh Trung, vice chairman of MB, said: “Through more than 850 F88 transaction points and over 300 MB branches and transaction offices, MB hopes to reach more customers across the country, particularly in areas lacking convenient financial service access.”
Phung Anh Tuan, chairman and general director of F88, said: “The advantage we bring to MB is not only our nationwide network, but also our expertise and experience in the financial sector. This will allow MB to better and more professionally serve its customers.”
MB and F88 can then build on this strategic partnership to offer full-range financial solutions. The first intervention will entail helping customers change their identification documents through the MBBank App in more than 850 F88 transaction stations. This will ensure ease of transactions, especially as new biometric ID requirements are due to be implemented from January 1, 2025, the State Bank of Vietnam has said in its latest circulars. Those customers who have not renewed their biometric particulars may be locked out from carrying out their banking transactions online.
Between 2014 and 2023, MB and Viettel launched high-tech services, such as the BankPlus payment system, which allows people to transfer money from one location to the other through mobile phones in areas where there are no such facilities. In the new Circular No. 07/2024/TT-NHNN, MB has extended coverage of licensing towards the “payment agent” services, thus opening up possibilities for this financial symbiosis.
MB customers are thus able to securely and conveniently alter their ID details at over 852 F88 transaction points. MB has also established such specialized training for the F88 staff whereby they can help the ID updates through the use of the MBBank app quickly.
F88’s transaction points will ensure that customers are assisted by the staff to instantly scan using NFC and update their IDs securely within the application regardless of whether they own mobile devices that support NFC scanning and reading. F88’s operation also provides great accessibility for the customers; they do not need to wait for a long time and are also suitable for those customers who have limited access to new-generation bank branches.
MB will now be better placed as one of the key established lenders in Việt Nam and with more robust solutions for biometric data update services. That is just the beginning of the fairly developed MB-F88 cooperation plan. In the future, the two companies are planning to launch several convenient financial solutions for potential clients, saving their time and expanding the range of services across the country.
Other services likely to be rolled out later are cash-in/cash-out services directly at agent outlets, credit card balance repayment, remittance and payment engagement services, payment order services, authorizations, collections, and payment-on-behalf services.
In achieving this partnership, MB and F88 ensure that they come up with a unique, effective, and readily available financial experience for millions of customers all over the country.
About F88
Founded in 2013, F88 has over a decade of experience and continues to expand its network, enhance its products, and offer convenient services to meet diverse financial needs. With 824 branches nationwide, F88 has provided over 10 million quick and easy financial solutions to more than 3.4 million customers, significantly improving the lives of everyday workers. The trust of our customers is the best testament to F88’s reliability and service quality.
