The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has won the Silver Prize for its BIDV Payment product in the category of private sector at the ASEAN ICT Awards (AICTA), an event in the framework of the 17th ASEAN Telecommunications and Information Technology Ministers Meeting (TELMIN) held in Cambodia on 30 November 2017.

​The AICTA was first introduced at the 11thASEAN Telecommunications and Information Technology Ministers Meeting in Myanmar in December 2011. This prestigious awards program represents the most respected business accolade in the ASEAN technology industry.

The AICTA 2017 launched in August features six award categories, namely public sector; private sector; corporate social responsibility; digital content; startup company; and research and development. The judging panel was comprised of 13 members who were representatives from Ministries of Information and Communications of the 10 ASEAN countries and major economies including China, South Korea and Japan.

BIDV has been the sole bank to win an accolade at ASEAN ICT Awards for the past five years. BIDV Payment has outperformed over 100 products in the ASEAN region to be named in the shortlist of 18 finalists who directly competed with one another in Siem Reap, Cambodia.

BIDV Payment is an outstanding product among BIDV’s payment apps, designed to connect smooth payment with other financial institutions and banks. The award is the recognition of BIDV’s consistent efforts in effectively applying information technology to its business operations. It also strengthens the bank’s prestige and market in the ASEAN region.

About BIDV Payment:

BIDV Payment permits financial institutions to make multi-currency transfers and use messages according to SWIFT standard. In addition, the system allows parameterization for automated classification of messages to other payment channels used by BIDV. It takes BIDV only one day to check, evaluate and approve customers’ connection requirements.

Unlike other payment apps in Vietnam, BIDV Payment is a platform with web-based interface. Direct transmission lines which cost much in terms of installation, security, servers, database software rights, and system software rights, etc. are not required among financial institutions.

Offering modern and convenient utilities, flexible connection with SWIFT system and other domestic inter-bank payment channels among Vietnamese banks, BIDV Payment has been joined by more than 30 banks (including state-run banks, joint stock commercial banks and foreign bank branches), progressively becoming an important and effective payment channel among banks. BIDV Payment hit a daily revenue of VND5,260 billion (approx. USD232 million) on average and is growing its size in terms of revenues and transactions, expected at 20 percent annually.

Following the Government’s non-cash payment policy for the period 2015-2020 and given the strong 4.0 industrial revolution, Vietnam’s commercial banks have been diversifying their payment channels to best meet the needs of customers in a safe, quick and economical manner. With outstanding features, BIDV Payment continues to be the first choice of commercial banks and foreign bank branches in Vietnam.