S.Korea’s Alliex to help Vietnam achieve cashless payments with US$700m investment
S.Korea’s Alliex to help Vietnam achieve cashless payments with US$700m investment
South Korea’s fintech solutions provider Alliex has pledged over US$700 million to develop shared points of sale in Vietnam, amounting to nearly 600,000 card payment devices, over the next five years, helping the country achieve its goal of switching to cashless payments.
The company’s CEO, Park Byounggun, was in talks with Deputy Prime Minister Vuong Dinh Hue in Hanoi on Thursday to discuss the issue, reported the Vietnam News Agency.
Deputy PM Hue said that South Korea can be regarded as a cashless payment model that the Southeast Asian nation wants to follow.
He pointed out that the Vietnamese Government is embarking on a cashless payment project, with a focus on standardizing payments through quick response (QR) codes and developing infrastructure for shared points of sale.
The Government has already introduced regulations on electronic bills and payments with cards. It is also striving to enable online payments for public services, he added.
As a new sector with great potential, Hue said that the Government has called for the pilot application of new technologies in the field and wants Alliex to work closely with the State Bank of Vietnam to develop a cashless ecosystem in the country.
Meanwhile, Park told his host that during his visit, Alliex signed a contract with Vietnam’s Vietnam Bank for Industry and Trade and Saigon Thuong Tin Commercial Joint Stock Bank to build the infrastructure for shared points of sale, thereby helping realize the country’s cashless payment policy.
