VBSP, Mastercard cooperate to promote digital financial inclusion

The signing ceremony between VBSP and Mastercard. (Photo: VBSP)

The cooperation between the two parties stems from the project “Mobile banking - Financial inclusion and economic empowerment for low-income people and women in Vietnam”, with the sponsorship of the Australian Department of Foreign Affairs and Trade and the coordination of the Asia Foundation in 2019 - 2023.

Accordingly, MasterCard will support VBSP in the procedure of joining MasterCard’s official membership with globally advanced and prestigious digital payment service system in developing card issuance services, consulting on digital transformation and information technology strategy according to cooperation agreement plan.

At the ceremony, VBSP Deputy General Director Hoang Minh Te said: “The cooperation is based on modern technology to enhance accessibility to banking services, improving access to non-cash payment services for the poor and other vulnerable groups.”

On MasterCard’s side, Ms. Sharon Chew - Senior Vice President, Head of Customer Solutions, South-east Asia, MasterCard, said "Financial inclusion is important as it helps individuals, households, and businesses achieve an improved quality of life, economic growth and resilience. By working together closely with like-minded partners such as VBSP, MasterCard is leveraging its technologies, knowledge, and expertise to provide financial access to more vulnerable sections of society, so that they can participate seamlessly in the digital economy and realize their goals of success and financial security.”

With the mission of implementing policy credit for the poor and other marginalized groups in order to contribute to poverty reduction and social security, VBSP is improving the quality of products and services to meet the financial needs of the poor and other marginalized groups quickly and conveniently, in line with the industrial revolution 4.0./.