HSBC partners with Vietnam Posts for financial services
HSBC is partnering with Vietnam’s state-run postal service, Vietnam Posts Corp, to deepen its reach in the country of nearly 86 million people through the network of post offices. The partnership allows retail clients of HSBC Holdings Plc’s locally incorporated HSBC Bank (Vietnam) Ltd to make credit card and other payments at post offices around the country, while corporate clients can receive cash payments and data from their own customers at post offices, reports Reuters.
“This move significantly expands HSBC’s domestic reach for cash-based transactions, the predominant mode of settlement, to around 2,000 collecting points across Vietnam,” HSBC said in a release.
Do Ngoc Binh, General Director of Vietnam Posts, said in the statement the partnership will allow both parties to expand their businesses through diversification and provide more value-added services to domestic and international customers.
Last year HSBC and Standard Chartered won business licences to be the first foreign banks to open wholly owned units in the communist-run country.
A fraction of Vietnam’s population have bank accounts but the number is growing.
