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12/09/2023
Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) and the International Finance Corporation (IFC) have signed a Supply Chain Financing Advisory Agreement to provide financial solutions that help businesses optimize working capital management, improve business efficiency, and enhance their competitive capacity.
In the context of increasing globalization and international economic integration, the global supply chain is expanding, often likened to the "lifeblood" of the world economy. In line with the State Bank of Vietnam's orientation towards developing the supply chain finance market, SeABank has set a core development goal to focus on the value chain, aiming to become one of the key drivers of growth, with a vision extending to 2026.
On August 21, 2023, SeABank and IFC signed a strategic cooperation agreement to implement supply chain financing solutions. Under this agreement, IFC will provide advice, develop strategies, and collaborate with SeABank to deliver professional and synchronized Supply Chain Financing (SCF) solutions. The aim is to enhance supply chain management capabilities and maximize business efficiency. SeABank's current portfolio primarily focuses on sectors such as automotive (Dealer Financing product), FMCG (Customer Financing product for fast-moving consumer goods), construction and installation (Payment Guarantee product for contractors and suppliers of large enterprises), and efficient energy.
Speaking at the signing ceremony, Mr. Andrew Võ, Deputy CEO of SeABank, stated: "Over time, IFC and SeABank have developed a strong and fruitful cooperation. SeABank hopes that this collaboration will accelerate transaction speed, enhance transparency, increase support capabilities for customers, and provide real-time information updates and reporting in supply chain financing transactions. This will offer our corporate customers the most optimal and modern financial solutions in line with global trends."
Christina Ongoma, Director for East Asia-Pacific Region at IFC's Financial Institutions Group, commended SeABank's achievements and stated, "We appreciate the trust that SeABank has placed in IFC as their advisory partner. IFC is inspired by SeABank's efforts to enhance financial access for businesses. With this new project launched today, SeABank and IFC are committed to contributing to the development of the supply chain financing market in Vietnam through specialized products and approaches, helping SeABank strengthen its customer relationships and support businesses across various sectors in accessing funding at more reasonable costs, thereby creating employment opportunities and contributing to the overall economy."
With the support of IFC, SeABank expects to continue offering optimal financial solutions to empower businesses, especially those owned by women, to further expand their operations and drive sustainable development. This endeavor aims to create value not only for the banking sector in Vietnam but also to contribute to the overall economic development of Vietnam.
