News
SeABank and Visa strategically cooperate to develop digital payments
24/05/2024
Hanoi, May 24, 2024 - Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) and Visa Inc. signed a Strategic Cooperation Agreement on developing digital payments, aiming to bring about the best solutions, data capacity and expertise, thereby moving towards SeABank’s vision of becoming the leading bank in Vietnam payment services. This cooperation further tightens the comprehensive cooperative relationship between SeABank and Visa, while opening up new opportunities for advancements of card products, thereby promoting the Bank's digital payment solutions.
Accordingly, on the base of card activities that has been built, Visa continues to accompany SeABank with effective strategies to promote stronger development of card products, especially on digital platform, contributing to promoting digital payments through focusing on 5 main pillars including: Improving the customer experience journey for card products and services on digital platforms; Improving card products and services; Optimizing the card service ecosystem on digital platforms; Improving efficiency and creativity in marketing and communication activities of card products and services; Improving risk and fraud management in card issuance and payment.
Mr. Stephen Karpin (President of Visa, Asia-Pacific Region) shared at the signing ceremony of the Strategic Cooperation Agreement: “We are honored to cooperate with SeABank in actualizing our commitment to enhancing the Vietnam digital payment ecosystem. Partnerships are the key in our journey of supporting banks increase customer experience and strengthen risk management capacity. Visa is committed to accompanying SeABank in obtaining its long-term goals and further achievements".
Madame Nguyen Thi Nga – Permanent Vice Chairwoman of the Board of Directors (BOD) of SeABank shared: "As part of our Digital Convergence strategy, SeABank always prioritizes digitalization of products, services and operations. In the recent years, with the companionship of Visa, SeABank has made significant changes in card services and forming increasing impression on customers. The expanded cooperation with Visa on developing digital payment acts as a premise to help SeABank further enhance efficiency, operational safety and improve customer experience of card products and services on digital platforms”.
A survey by Visa in 2023 recorded that 56% of participants carried less cash than in 2022, showing a rapid transition from cash to convenient digital payments in Vietnam that opens up many opportunities for card product and service development.
In the recent years, cooperation between SeABank and Visa have created a revolution in SeABank's card services. With the companionship of Visa, SeABank has launched various new card lines including: Signature, SeATravel, SeALady, SeAEasy, SeAGolf, BRG Elite with different privileges tailored for each segments. The Bank's total card transaction revenue has grown steadily over the years, reaching an average growth rate of 125% each year. Additionally, SeABank has also received many awards and honors for its card products and services, notably: Leading bank in card transaction sales growth rate for many consecutive years (Visa); PCI - DSS 3.2 on safety and security for payment card systems (Control Case Organization), etc.
The expanded cooperation is expected to help SeABank break through in card services and digital payments through improving the system of product and service in a diverse, safe, and user-friendly way, thereby opening up many opportunities towards the future of digital payment, contributing to the national digital transformation.
