Cathay United Bank business repositioning targeting consumer finance in Vietnam

Benny Miao, Executive Vice President (Head of Southeast Asia Region) of Cathay United Bank (CUB), unveiled the strategic business repositioning at the Jan. 4 event.

Benny Miao defined the brand repositioning strategies of CUB. Photo courtesy of CUB

Digital infrastructure, digital services, and talent preservation and growth comprise the three pillars of CUB’s repositioning strategy in Vietnam. The objective of the first pillar of CUB is to enhance and stabilize digital systems and data infrastructure.

By means of digital services, CUB establishes a stable and long-lasting partnership with the second pillar, thereby enhancing the quality of service provided to consumers. In conclusion, human resources are a critical component of CUB’s operations in every market. Particular emphasis is placed by the bank on identifying, developing, and training local talent.

After 18 years of operation in Vietnam, CUB expands its service offering to include financial solutions for personal customers as the initial stage in implementing this strategy. In the past, Cathay United Bank was engaged in a variety of activities, including trade finance, cash administration, and international payments…

The bank underwent a significant change as a result of the scale expansion, which aimed to provide diverse financial solutions and comprehensive banking services to numerous market segments.

Corporate finance remains the bank’s core activity, which consists of supplying capital to Taiwanese investors and facilitating the participation of local clients in international finance.

CUB is dedicated to supporting engagement in local community development via a range of initiatives, with a particular emphasis on educational support for students and future generations, in addition to its financial services commitments.

Furthermore, the bank implemented a new workspace in Ho Chi Minh City featuring an open layout and employing over 120 individuals from across the nation.

CUB’s open working space. Photo courtesy of CUB

Leaders of the CUB are optimistic about the repositioning strategy because the organization has a digital consumer finance infrastructure and system that hasbeen developed over the course of 50 years across 233 branches and offices worldwide.

Driven by a commitment to delivering exceptional user experiences and dedicated to the construction of a bank powered by technology, CUB will unveil new digital services for individual customers in 2024. This initiative aims to empower customers, enabling them to unlock their full financial potential and navigate their financial journeys seamlessly.

CUB demonstrates a thorough awareness of each market. They follow the trend of changing the supply chain and establishing and strengthening a cross-border service team capable of meeting a variety of needs. In addition, to attract customers through digital channels,

Cathay Financial Holdings developed the first Cathay Development Center (CDC) in Southeast Asia in Vietnam, which supports Cathay’s Southeast Asian offices and subsidiaries. In terms of future strategy, CUB will develop digital services to support user convenience.

Lu Wei Chieh, General Manager of CUB HCMC Branch, discussed the Vietnam market possibilities. Photo courtesy of CUB

In a market ripe with potential, encompassing a population about to exceed 100 million and rapidly expanding internet penetration, CUB aims to position itself as a versatile digital technology bank, dedicated to delivering optimal products and experiences to end-users in Vietnam.

“Vietnam is Cathay United Bank’s second home. As a universal bank, we endeavor to offer a wide range of comprehensive products and services,” Lu Wei Chieh, General Manager of CUB HCMC Branch, stated.

Lana Shih, Senior Vice President, Strategic Marketing Communications Division, provided an overview of Cathay Financial Holdings group operations. Photo courtesy of CUB

To strengthen its commitment to Vietnam’s markets and communities, CUB has been implementing the Elevated Tree Program in Vietnam alongside its own in Taiwan to provide assistance and care for disadvantaged students.

Simultaneously, CUB is also supporting college graduates to pursue a master’s degree in Taiwan, where they will be offered employment after graduating and returning home to Vietnam. These efforts create a sustainable cycle of positivity, where students can utilize their acquired expertise and experience in Taiwan to serve their communities back home.

According to Lana Shih, Senior Vice President, Strategic Marketing Communications Division, CUB is in the pioneering of sustainable development. ESG is applied to responsible lending, investments, and operations by the entity.

In addition, Cathay United Bank participates actively in international initiatives that align with sustainability trends.