Singapore Regional Business Forum: Techcombank commits to further partnerships
Singapore Regional Business Forum: Techcombank commits to further partnerships
The Singapore Regional Business Forum in Hanoi on June 7 attracted great attention from Singaporean fintech companies looking for new opportunities.
At the event (SRBF), sponsor Techcombank announced two important new partnerships with the Singaporean business community.
The first was with the Singapore Business Federation to foster greater links between Vietnamese and Singapore businesses; and with Kyriba, Deloitte Touche Tohmatsu, and PwC to bring new payments and treasury management solutions to customers in Vietnam for the first time.
With the vision to “Change banking, change lives” and a mission to lead the digitalisation of Vietnam’s financial industry, Techcombank is passionate about engaging, partnering with, and supporting domestic and foreign businesses across the region and beyond.
As part of its current digitalisation programme, Techcombank has earmarked technology investments of $500 million for the 2021-2025 period, thereby confirming partnerships with blue-chip companies such as Amazon, Backbase, Salesforce, and Adobe.
By working with these partners, Techcombank can accelerate its own digital transformation, leveraging a wealth of outstanding technology, talent, and capabilities that have allowed to progress quickly and align itself with best practices globally.
This current investment drive is the continuation of similar efforts during the 2016-2020 period. At the time, Techcombank invested $300 million in its digital transformation projects, laying the foundation for placing customer centricity as its core tenet for all business activities.
As a result, Techcombank’s infrastructure and operating model have been strengthened, leading to an enhanced customer experience with more than 90 per cent of Techcombank's retail customer transactions now being conducted through digital channels.
Approximately 70 per cent of customers log in 35 times each month, which means more than once per day, and conduct 19 transactions on average – a higher rate than the global average. The number of new customers coming to Techcombank's digital channel in 2022 surged 40 per cent compared to 2021, with an application retention rate of 88 per cent.
In September 2023, Techcombank will celebrate its 30th anniversary and reflect on its extraordinary achievements and growth over the three decades.
Techcombank’s cooperation with top domestic enterprises has also created many outstanding achievements that will significantly progress its strategy.
With Masan, one of the largest consumer-led companies in Vietnam, Techcombank launched its all-in-one WINLife ecosystem for customers, available in over 3,400 stores nationwide.
Moreover, the bank’s partnership with accounting software provider MISA aims to offer unrivalled services to small- and medium sized enterprises including integrated accounting and operations management solutions.
Jens Lottner, CEO of Techcombank, explained the underlying motivation of accompanying the forum, “Our journey and rate of growth in 30 years shows how you must work together to achieve your ambitions. In today’s interconnected world, you must be outward-looking, inclusive and collaborative to achieve success,” he said.
Phung Quang Hung, deputy general director of Techcombank, also underlined the bank’s commitment to engagement at the forum, “Techcombank looks forward to the opportunity to accompany all partners at this forum to learn from some of the biggest figures in the business, as well as share our own experiences and lessons. Through this cooperation and collaboration, we can collectively achieve accords that set up all stakeholders for success across the region.”
In September, Techcombank will celebrate its 30th anniversary and reflect on its extraordinary achievements and growth, successfully adapting to the dramatic shift to a more market-oriented Vietnamese economy and meeting rapidly evolving customer demands.
The bank grew from having an equity of VND20 billion ($870,000) to VND118 trillion ($5.13 billion) in the first quarter of 2023, being one of the largest banks in Vietnam and the most capitalised private Vietnamese bank.
