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|Timo ties up with Viet Capital Bank to step up its presence in digital payment|
Timo Digital bank – an amalgamation of “Time” and “Money” – is pioneering the digitalisation trend in Vietnam.
After five years in the market, Timo now has more than 350,000 accounts and opened four hybrid coffee shops called “Hangouts” across four key cities nationwide where customers can experience a digitised financial product in a comfortable and modern environment that is not a typical bank.
At the ceremony, Timo officially announced its partnership with Viet Capital Bank in this next stage of development under the name Timo Plus. Viet Capital Bank is one of the banks that have made steady progess recently in digital transformation with an explicit strategy of prioritising the customer experience. With a solid core banking system and a shared vision for the future, this partnership promises to help Timo Plus become a leading Digital bank trusted by many customers.
Ngo Quang Trung, CEO of Viet Capital Bank, explained, “Digital transformation is an inevitable trend at the moment and in the future for banks because of the social context as well as the rapid change of technology that has shifted customer habits. Viet Capital Bank is not an exception to this trend. Fintech is the future and Viet Capital Bank has been quick to capitalise on this trend for development and growth."
"In the upcoming roadmap for development, Viet Capital Bank is pivoting towards providing a banking platform and services to partners operating in the fintech space," he added. "Besides, we also accelerate cooperation and tighten relationships with fintech firms aiming to create new experiences based on the combination of digital technology and traditional banking practices. Timo Plus is a partner that we highly appreciate not only for their experience and the similarity of our visions but also their customer experience efforts over time. Therefore, Viet Capital Bank and Timo Plus have become strategic partners to bring a better experience to customers."
In just under two months post-transition, Timo Plus has noted impressive numbers with over 100,000 new accounts. The company has been quick to expand its capacity by continuously deploying pop up events in the weekends to meet the overwhelming demand of customers. In addition, Viet Capital Bank branches also welcome Timo Plus customers looking to make transactions directly. This cooperation will connect and enhance the strategic partnership between Timo Plus and Viet Capital Bank, at the same time enabling both sides to build customer trust.
Nguyen Bao Hoang (Henry Nguyen), CEO of Timo Plus said, “Compared to other developed markets, digital banking in Vietnam is still nascent but has huge potential for development. With its large population of young and technologically-advanced workforce, this is a huge advantage for digital financial solutions. The younger generations of millennials and GenZ are open minded, quick to adopt new experiences, and value cutting-edge and modern technology. I consider this to be an enabler and a golden time for fintech in general, and for Timo Plus in particular to continue to develop, attract, and broaden our customer base.”
Timo Plus’ goal is to provide a seamless digital banking experience using smartphones. Right from onboarding and authenticating users securely to a simple and easy-to-use interface – creating value through convenient and smart features designed with customers in mind is Timo Plus’ mandate. Timo Plus will invest significantly in training and developing personnel to continue to innovate customer experiences. By partnering with Viet Capital Bank, Timo Plus will be able to leverage regular upgrades to the core banking system, bringing customers a secure banking product. Timo Plus will also be actively expanding its financial partner network. By leveraging its fast application programming interface (API) integration technologies, Timo plus will provide more innovative products and even greater value to customers.
The future of Vietnam's financial industry is still in infancy and has a few years before it reaches its full potential. Amidst this, Timo Plus will attempt to be a strategic and central piece in adapting to the ever-changing consumption behaviours of customers in the 4.0 era where technology is the key to balancing their financial and lifestyle needs.