Shinhan Bank Vietnam and BC Card collaborated on Acquiring Business Vietnam

Shinhan Bank Vietnam Limited ("Shinhan Bank") signed memorandum of understanding with BC Card Company (“BC Card”) to establish a strategic collaboration in the development of Acquiring Business in Vietnam.

BC Card, which was founded in 1982 in Korea, is the largest provider of credit card services in the country. BC Card has promoted Korea's cashless society presence and provided a variety of financial services, digital products, and modern payment products with high security in the Korean market for the past 40 years, leveraging its core competencies in card issuance, card payment processing, and card brand marketing services to end users.

BC Card, with its strengths in technology solutions and experience in providing card processing systems for card payments, will provide terminal equipment and develop new features to meet the needs of Shinhan Bank's customers such as merchants, stores, and so on.

Shinhan Bank will establish a merchant sales network, develop products and services exclusively for customers using the payment service provided by Shinhan Bank and BC Card, along with related regulations and policies.

With this collaboration, Shinhan Bank put our first step to enter the Acquiring Business with the goal of bringing the most modern and convenient solution to customers who are merchants and buyers, allowing them to connect and accept cashless payment via multiple platforms such as POS, E-Commerce, etc. to meet the growing demand for digital payment.

The representative of Shinhan Bank, stated: “Shinhan Bank has been making efforts to promote the trend of cashless payment by enhancing the convenient and outstanding payment experience not only for end-user’s but also for business partners who play an important role in the Vietnamese economy. In collaboration with BC Card, the leading payment service provider in Korea, we look forward to engaging in Acquiring Business for customers and merchants, accelerating the development of digital payment services, and promoting the Government of Vietnam's cashless payment policy."

BC Card’s representative also shared: “We have grown together with our partners in the Southeast Asia payment market since 2016. BC Card became the first Korean credit card company to export payment core system overseas and establish a joint venture in Indonesia in 2016. Last year, through a partnership with NAPAS, we launched a service allowing Vietnamese cardholders to make payment at BC Card merchant network in Korea. With the experience and know-how of Southeast Asia payment business, we strongly believe that Shinhan Bank and BC Card will together promote the acquiring business successfully in Vietnam.”

LA (Vietnam Business Forum)