​Techcombank and Singaporean business community enter collaboration

The Singapore Regional Business Forum (SBRF) on Friday attracted great attention from Singapore’s leading partners and businesses, especially fintech companies looking for new business opportunities in Vietnam, and those who are playing a key role in the digital economy.

Techcombank’s message at the forum was the lender’s intention to foster strategic collaborations which Vietnam and Singapore progress together. This has been a key hallmark of the bank’s strategy in the past and will also be a critical component of any future endeavors.

Representatives of Techcombank and other partners at the SRBF, July 7, 2023. Photo courtesy of Techcombank

Also at the SRBF, Techcombank announced two important new partnerships with the Singaporean business community.

Firstly, the bank will work with the Singapore Business Federation to foster greater links between Vietnamese and Singaporean businesses.

Secondly, it will cooperate with Kyriba, Deloitte Vietnam, and PWC to bring new payment and Treasury Management solutions to customers in Vietnam for the first time.

Techcombank is passionate about connecting, cooperating with, and assisting top domestic and global enterprises across the region and beyond, with a vision of “changing banking, changing lives” by driving the digitalization of Vietnam’s financial industry.

As part of its current digitization program, Techcombank has earmarked technology investments of US$500 million for the 2021-2025 period, thereby confirming partnerships with leading blue chip companies such as Amazon, Backbase, Salesforce, and Adobe.

By working with these partners, Techcombank can accelerate its own digital transformation, leveraging a wealth of technology, talent, and capabilities that have allowed it to progress quickly and align itself with practices globally.

This current investment drive is the continuation of similar efforts during the 2016-2020 period.

Over those years, Techcombank had already invested US$300 million in its digital transformation projects, laying the foundation to place “customer centricity” as its core tenet for all business activities.

As a result, Techcombank’s infrastructure and operating model have been strengthened, leading to an enhanced customer experience with more than 90% of Techcombank’s retail customer transactions now conducted through digital channels.

Approximately 70% of customers log in 35 times each month, which means more than once per day, and conduct 19 transactions on average, a higher rate than the global average.

The number of new customers using Techcombank’s digital channel in 2022 increased by 40% compared to 2021, with an application retention rate of 88%.

Techcombank’s cooperations with leading domestic enterprises has also created many achievements that have made its strategy a clear example for others to follow.

With Masan, Techcombank launched its “all-in-one” WINLife ecosystem for customers, available in over 3,400 WIN stores nationwide.

The bank’s partnership with MISA, Vietnam’s leading accounting software provider, is expected to offer unrivaled services to SME customers, including integrated financial accounting and operations management solutions.

The Vietnam and Singapore delegations visit Techcombank’s booth at SRBF, July 7, 2023. Photo courtesy of Techcombank

Jens Lottner, CEO of Techcombank, said that the bank’s journey and rate of growth in 30 years show how enterprises must work together to achieve their ambitions.

“In today’s interconnected world, you must be outward-looking, inclusive, and collaborative to achieve success. This is evident in the proverb, “If you want to go fast, go alone. If you want to go far, go together.”

Phung Quang Hung, deputy general director of Techcombank, also underlined the bank’s commitment to engagement at the forum.

“Techcombank looks forward to the opportunity to accompany all partners at the SRBF to learn from some of the leading figures in the business, as well as share our own experiences and lessons. Through this cooperation and collaboration, we can collectively achieve accomplishments that set up all stakeholders for success across the region.”

Leaders from Vietnamese and Singaporean enterprises discuss at the event. Photo courtesy of Techcombank

In September 2023, Techcombank will celebrate its 30th anniversary and reflect on its achievements and growth over the past three decades, successfully adapting to the dramatic shift to a more market-oriented Vietnamese economy and meeting rapidly evolving customer demands.

The bank grew from having an equity of VND20 billion to VND118 trillion in the first quarter of 2023, becoming one of the largest banks in Vietnam and the most capitalized private Vietnamese bank.