MasterCard has tied up with a Vietnamese bank which, along with other banks, will issue a range of payment cards in the country.
The Bank for Foreign Trade of Viet Nam (Vietcombank) and Master-Card International signed on Thursday an agreement under which Vietcombank will sponsor 11 commercial banks to be affiliate members of Master-Card, the bank said in a press release.
In its role as sponsoring principal, Vietcombank will, on behalf of the affiliate members, acquire and exclusively issue a range of MasterCard payment cards, including credit cards, MasterCard Electronic and debit cards.
The affiliate members include Techcombank, VP Bank, Military Bank, Habubank, Maritime Bank, Housing Bank, VIB Bank, Tan Viet Commercial Bank, Viet A Bank, NASB and Chohung Vina Bank.
Vietcombank will launch a series of acquiring initiatives including deployment of automatic teller machines, cash dispensing machines and electronic data capture machine on behalf of the other banks.
MasterCard will provide training to the banks in marketing, operations, risks and security.
While the agreement is a first in Viet Nam, MasterCard has adopted this model successfully in other emerging markets with the banks able the leverage the economies of cost and scale, infrastructure and technology it ushers in, according to the release
In another agreement signed between the two parties, Vietcombank will, independently of the other banks, issue MasterCard Electronic and MasterCard-branded debit cards from the second quarter of this year.
Vietnam Economy - (14/01/2004)