DigitalCFO Newsroom | 30 August 2022
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has just been honored by The Asian Banker.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has just been honored by The Asian Banker – A leading financial rating organization in Asia, with the award “Best Supply Chain Finance Bank in Vietnam“. This is the first time this organization has awarded the SCF Award to a domestic bank in Vietnam – based on Techcombank’s outstanding breakthroughs in digitizing supply chain financing for Vietnamese businesses.
The bank has launched a holistic supply chain finance solution for a real-estate corporate to unlock cash and free up working capital needs for contractors and sub-contractors. As a leader in technology and financial digitization, Techcombank’s end-to-end solution for supply chain finance has been assessed by The Asian Banker as a breakthrough step to remove the “knot”, thereby freeing up working capital for manufacturing enterprises, especially SMEs. Mr. Phan Thanh Son, Deputy General Director of Techcombank shared:
“In order to support businesses in the long term in their business journey, Techcombank believes that digital transformation is the most sustainable and effective companion. Therefore, in the 2021-2025 strategy, Techcombank focuses on investing strongly in the three pillars of Digitization – Data – Human Resources to realize the vision of “The transformation of the financial industry, the raise in the value of life”. This award we received from The Asian Banker shows that this is an appropriate direction from the perspective of international experts. We aim to be the standard of financial service in the region to help Vietnamese businesses to have a solid fulcrum in their daily journey of excellence.”
Due to customer-oriented improvements and established a data and analytics division, in 2021, Techcombank’s number of supply chain financed businesses has grown by 195% and continues to double in just the first 6 months of 2022. Mr. Dang Trung Hieu, GTS Solution Development Director of Techcombank, expresses gratitude to Premium Technology, developer of the FinShare supply chain finance digital platform, and says;
“With the goal of providing the best digital experience to the financial activities of Vietnamese businesses, Premium Technology’s professionalism and modern technology are an important factor in helping Techcombank successfully develop the SCF End -to-end technology.”
Mr. Gerald Huang, Chief Sales Officer of Premium Technology, expressed excitement about Techcombank’s success:
“We would like to thank Techcombank for selecting Premium Technology to be their supply chain finance solution partner. It has been a challenging but amicable journey. We are glad that we can use our market-leading position and expertise in supply chain finance to contribute to the bank’s success. Techcombank and Premium Technology are working closely together so that we can help even more of the bank’s customers.”
Premium Technology is continuously working to ensure Techcombank stays to lead the supply chain finance business by providing an excellent digital business life cycle end-to-end and supported by the pool of experts in this domain space.