Jointly developed by BIDV in collaboration with InfoPlus - a large Korean B2B Fintech, this solution aims to provide real-time cash flow management for Korean businesses in Vietnam.

The solution was introduced at a Seminar “Real-time cash flow management solutions for Korean businesses in Vietnam” on 14 July 2023 in Hanoi.

Attending the Seminar were Mr. Pham Anh Tuan - Director General of the SBV Payment Department, Mr. Jang Ki Sung - Representative of the Embassy of the Republic of Korean in Vietnam, Mr. Hong Sun - Chairman of the Korean Chamber of Commerce and Industry in Vietnam (Kocham), Mr. Tran Long – Senior Executive Vice President of BIDV, Mr. Kim Min Ho and Mr. Kim Jong Woo - CEOs of InfoPlus, together with representatives of more than 80 Korean businesses in Vietnam.

Representatives of BIDV and InfoPlus

Given the pain points faced by businesses in cash flow management, InfoPlus and BIDV have launched InfoCMS, which is jointly developed by a bank and a Fintech by fully integrating BIDV’s services into InfoCMS platform. Accordingly, customers can use banking services such as payment, collection and payment, cash flow management right on their platforms, which enable easy real-time cash flow management and monitoring, and convenient historical data query and management.

Mr. Pham Anh Tuan - Director General of the SBV Payment Department speaks at the Seminar

According to Mr. Pham Anh Tuan - Director General of the SBV Payment Department, the cooperation between BIDV - a leading financial institution and a pioneer in digital transformation in Vietnam, and InfoPlus - a Korean enterprise specializing in advanced technology for businesses and financial institutions - will create a strong foundation for delivering new digital financial solutions to businesses, thereby contributing to promoting cashless payment in Vietnam.

The State Bank of Vietnam is very pleased that this cooperation has brought a market-leading solution for cash flow management for businesses and we are committed to creating the most favorable conditions in terms of policies and legal framework for Korean businesses in particular as well as commercial banks in Vietnam in general,” emphasized Mr. Tuan.

Mr. Tran Long - Senior Executive Vice President of BIDV delivers a speech at the Seminar

Mr. Tran Long - Senior Executive Vice President of BIDV affirmed:

Banking services designed on InfoCMS will effectively support businesses in a new seamless, convenient, safe and secured way. Businesses can accurately and efficiently manage two important operations at the same time, which are customer information management and cash flow management.

In addition, when signing an agreement to use the InfoCMS platform, Korean businesses will receive various incentives and privileges such as zero fee for account opening and management, preferential policies on exchange rates, fee reduction for international payment and trade finance services, preferential deposit interest rates, preferential lending interest rates for FDI customers which is up to 2% lower than the normal interest rates. In addition, businesses can experience the benefits of BIDV Visa Business Card and privileges of BIDV Premier Card for business leaders.

According to Mr. Kim Jong Woo - CEO of InfoPlus, business digital transformation in Vietnam has grown quickly, yet the CMS market for businesses through the connection between financial institutions and businesses is still at the early stage. The Seminar aims to offer the most practical solutions for businesses, and BIDV and InfoPlus will continue to organize programs to quickly introduce InfoCMS to businesses.

On 23 May 2023, BIDV and InfoPlus officially signed a “Memorandum of Understanding on cooperation for development of BIDV banking services on InfoCMS digital platform”, marking the cooperation between the two to launch the CMS for businesses that are fully integrated with banking services. At the signing ceremony, Mr. Song HyunDo - Director of the Korean Financial Services Commission emphasized: “Amidst the cashless society orientation of the State Bank of Vietnam, the successful business model between BIDV - the largest state-owned commercial joint stock bank in Vietnam and InfoPlus - a B2B Fintech in the Vietnamese market will become a role model for similar cooperation between the two countries in the future.”