The Singapore Regional Business Forum: Techcombank commits to further partnerships in two of the most dynamic economies in Southeast Asia

[Hanoi, July 7, 2023] The Singapore Regional Business Forum, which includes Platinum Sponsor Vietnam Technological and Commercial Joint Stock Bank (“Techcombank” or “The Bank”), has 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. 

This formed a part of Techcombank's message while accompanying the forum, with the intention to foster strategic collaborations to progress together, which has been a key hallmark of the bank’s strategy in the past, and will also be a critical component of any future endeavors. At the SRBF, Techcombank announced two important new partnerships with the Singaporean business community with: (1) The Singapore Business Federation to foster greater links between Vietnamese and Singapore businesses (2) Kyriba, Deloitte Vietnam and PWC to bring new payments and Treasury Management solutions to customers in Vietnam for the first time.
  

 SBF delegation visited Techcombank booth

With the vision to "Change banking, change lives" and mission to lead the digitalization of Vietnam’s financial industry, Techcombank is passionate about engaging, partnering with and supporting leading domestic and foreign businesses, across the region and beyond. 

As part of its current digitization program, Techcombank has earmarked technology investments of USD 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 outstanding technology, talent and capabilities that have allowed to progress quickly and align itself with best practices globally.

Delegates discussed at the event

This current investment drive is the continuation of similar efforts during the 2016-2020 period. In these years, Techcombank had already invested 300 million USD in its digital transformation projects, laying the foundation for placing ‘customer centricity’ as its core tenet for all business activities. 

Signing cooperation agreement at SRBF

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 being conducted through digital channels. Approx. 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 coming to Techcombank's digital channel in 2022 increased by 40% compared to 2021, with an application retention rate of 88%.

Kyriba Global Director gives an interview at SRBF

Techcombank’s cooperation with leading domestic enterprises has also created many outstanding achievements that will significantly progress its strategy and leave a clear example for others to follow. With Masan, one of the largest consumer-led companies in Vietnam, Techcombank launched its ‘all-in-one’ WINLife ecosystem for customers, available in over 3,400 WIN stores nationwide. Moreover, the bank’s partnership with MISA, Vietnam’s leading accounting software provider, will offer unrivalled services to SME customers including integrated financial accounting and operations management solutions.

Dr. Jens Lottner, CEO of Techcombank, explained the underlying motivation of accompanying the forum: "Our journey and rate of growth in 30 years shows how you must work together to achieve your 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”.

Mr. 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 this forum 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 accrods that sets up all stakeholders for success across the region.”

In September 2023, Techcombank will celebrate its 30th anniversary and reflect on its extraordinary achievements and growth over the 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 VND 20 billion to VND 118 trillion at 1Q23, being one of the largest banks in Vietnam and the most capitalised private Vietnamsese bank. 
 

About Techcombank

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is one of the largest joint stock banks in Vietnam, and a leading bank in Asia, with a vision to Change Banking, Change Lives. The Bank pursues a proven customer-centric strategy in providing a broad range of retail and corporate banking solutions and services to over 11.2 million retail and corporate customers.

The Bank serves and engages with customers through its market-leading digital banking platform and mobile app, and an extensive network of transaction service outlets at locations across Vietnam. The Bank’s ecosystem approach, co-created through partnerships in multiple key economic sectors, adds further scale and differentiation in one of the fastest growing markets in the world. Techcombank is rated at Ba3 by Moody’s and at BB- by S&P which is the highest among Vietnam joint stock commercial banks. Techcombank is listed on the Ho Chi Minh Stock Exchange (HoSE) as TCB.

Recognized for excellence and innovation, Techcombank received the following awards in 2022, 2023:

• Best Bank in Vietnam 2023 – FinanceAsia Awards
• Top 163 Global Banking 2023, with brand value reached to $1.4 billion – The Brand Finance
• ‘Best Retail Bank’ & ‘Best Private Retail Bank’ in Vietnam 2023 – The Asian Banker
• Digital Bank of the Year 2023 – Tripe A Awards
• Great Places to Work – Vietnam Best Workplaces 2023