Jan 02, 2019 / 01:09
Lotte Card dreams big for consumer financing business in Vietnam
During the first half of this year, Lotte Finance Vietnam will focus on rolling out customized loan products for Lotte affiliate employees and other Korean workers.
Lotte Card has set ambitious targets for its consumer financing business in Vietnam after becoming the first South Korean credit card operator to offer the services in the Southeast Asian country, Korea Herald reported.
“Our vision is to become the most popular finance company here by providing users with convenient payment processes that may be used anywhere in the country,” said said Lotte Card CEO Kim Chang-kwon at the launch ceremony of Lotte Finance Vietnam last month.
Lotte Card, South Korea’s fifth-largest credit card company in terms of net assets, established its Vietnam office in 2009. Since then, the company has sought a more active role in Vietnam’s growing financial market. In March 2018, the company bought out Vietnamese consumer financing and credit card firm TechcomFinance, a subsidiary of Vietnam Technological and Commercial Joint Stock Bank (Techcombank).
Before the acquisition, TechcomFinance held credit card, installment finance, and consumer lending licenses in the country.
During the first half of this year, Lotte Finance Vietnam will focus on rolling out customized loan products for Lotte affiliate employees and other Korean workers. Once the local sales network takes shape, the company will expand its business to other regions through partnership agreements with local companies, according to the company’s representatives.
“Vietnam is currently in the process of converting the conventional cash payment (system) into a new non-cash payment system,” said CEO Kim Chang-kwon.
Illustrative photo
|
Lotte Card, South Korea’s fifth-largest credit card company in terms of net assets, established its Vietnam office in 2009. Since then, the company has sought a more active role in Vietnam’s growing financial market. In March 2018, the company bought out Vietnamese consumer financing and credit card firm TechcomFinance, a subsidiary of Vietnam Technological and Commercial Joint Stock Bank (Techcombank).
Before the acquisition, TechcomFinance held credit card, installment finance, and consumer lending licenses in the country.
During the first half of this year, Lotte Finance Vietnam will focus on rolling out customized loan products for Lotte affiliate employees and other Korean workers. Once the local sales network takes shape, the company will expand its business to other regions through partnership agreements with local companies, according to the company’s representatives.
“Vietnam is currently in the process of converting the conventional cash payment (system) into a new non-cash payment system,” said CEO Kim Chang-kwon.
Other News
- PM urges Central bank to ensure positive growth in 2024
- Vietnamese Gov't to continue VAT cut for second half of 2024
- 3,400 taels of gold purchased at the first-in-11-year auction
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
Trending
-
Nhon – Hanoi station metro line: An example of Vietnam-EU cooperation
-
Vietnam news in brief - May 4
-
Vietnamese Government steps up efforts to develop market for carbon credits
-
Hanoi: The 'epic victory' of Dien Bien Phu as seen in photos
-
Vietnam seeks more information on Cambodia’s Funan Techo canal project
-
Hanoi strives to ensure smooth high school exams
-
Carnaval Ha Long 2024 woos tourists with fireworks and drone light shows
-
Trivial jobs: Hanoians strive to keep their old trades alive
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024